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Editorial policyUse Frax when you specifically want frxUSD, sfrxUSD or Fraxlend — including as Resupply collateral or LlamaLend V2 collateral. Skip Frax if you wanted simple Circle USDC or Sky USDS as your only dollar stack. Educational research, not financial advice.
Frax issues frxUSD/sfrxUSD and Fraxlend markets that feed Resupply collateral and Curve LlamaLend V2. Verdict-first guide on when USDC or Sky is the simpler dollar.
Skip Frax if you cannot explain how frxUSD differs from USDC, you have never used a lending market, or you thought Frax was Resupply. Fraxlend is a venue. Resupply is a CDP that can sit on top. LlamaLend V2 sfrxUSD markets are Curve’s isolated lending, not Frax’s whole product.
Related comparisons
Yes — if you have a reason to hold frxUSD/sfrxUSD or to use Fraxlend, including as collateral elsewhere in the Curve stack. Skip it as a first stablecoin. USDC is the simple issuer dollar; Sky is the Maker-line dollar. Frax is a crypto-native stack with several products that share a brand.
Live TVL sits on DeFiLlama. Our rankings table was stamped 2026-08-27. TVL is assets locked — not a safety score and not a reason to deposit.
frxUSD is Frax’s dollar token; sfrxUSD is the staked wrapper. Fraxlend is isolated lending. Resupply can take Fraxlend positions as collateral to mint reUSD. Curve LlamaLend V2 listed sfrxUSD as early Ethereum collateral in July 2026 (Vote 1451). Those are three layers — do not merge them into one ‘Frax yield’.
| Surface | Job | Skip when |
|---|---|---|
| frxUSD | Frax dollar | You wanted USDC |
| sfrxUSD | Staked frxUSD | You needed par every hour |
| Fraxlend | Isolated lend | You wanted Aave’s pool |
| Resupply | reUSD on Fraxlend LP | You do not know Fraxlend yet |
USDC for issuer reserves. Sky for USDS and sUSDS. Frax for this stack and its Curve and Convex links. Peg and redemption paths differ. Check the peg tracker. Convex vlCVX often votes Frax-related gauges — that is politics, not a coupon you are owed.
| Want | Use | Skip Frax when |
|---|---|---|
| Issuer dollar | USDC | You wanted this stack |
| Maker-line dollar | Sky USDS | You wanted Frax |
| frxUSD / Fraxlend | Frax | You cannot name the layer |
| reUSD on Fraxlend | Resupply | You do not know Fraxlend |
Stablecoin peg, Fraxlend liquidations, and stacked contracts if you loop into Resupply or LlamaLend. A Curve gauge listing is not a Frax solvency guarantee. We do not publish an sfrxUSD APY. Three layers share a brand — do not merge them into one yield.
The site we name is frax.com. Resupply is resupply.fi. Curve LlamaLend is on curve.finance. This page is whether frxUSD or Fraxlend is the product you wanted versus USDC or Sky — not a reason to treat the whole brand as one vault.
Convex, Curve, Resupply, Inverse Finance and Frax share collateral, gauges and stablecoin rails. Read the flywheel first if you are new to the stack.
FAQ
A stablecoin and lending stack: frxUSD, sfrxUSD, and Fraxlend, at frax.com. It is not Circle USDC and not Resupply, though Resupply can sit on Fraxlend collateral.
No. Resupply can use Fraxlend positions as collateral to mint reUSD. That is a second protocol with a second risk engine.
Curve listed sfrxUSD as collateral in July 2026 via Vote 1451. That is Curve’s isolated market, not a Frax CDP and not Resupply.
No. Educational research only. We do not recommend holding frxUSD or buying FXS.
Resupply mints reUSD against yield-bearing Curve Lend and Fraxlend positions that keep earning. Co-built by Convex and Yearn. Verdict-first guide including Resupply Summer and the June 2025 exploit.
USDC is a fully regulated, dollar-backed stablecoin issued by Circle, with $78.6B in circulation across 120+ chains and positioned as the institutional-grade alternative to USDT.
Frax Finance has grown into a multi-product ecosystem — FRAX v3, frxUSD, sFRAX yield, Fraxlend markets, Fraxtal L2, and frxETH liquid staking — with Fraxlend positions usable as Resupply collateral.