CIRCLE USYC vs FRAX
Circle USYC and Frax, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and CIRCLE USYC/FRAX spread
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Circle USYC issues dollar-denominated tokenized real-world assets across 2 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
Frax is a dollar-denominated token tracked across 17 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Caution
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 66 | 54 | CIRCLE USYC |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $0.00 | $77.11M | FRAX |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | −0.899% | CIRCLE USYC |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.98B | $157.72M | CIRCLE USYC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 2 chains | 17 chains | FRAX |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 12.61% | FRAX |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
CIRCLE USYC scores higher on safety (66 vs 54), driven mainly by collateral quality and disclosure. FRAX has deeper tracked liquidity ($77.11M), which is what determines whether you can exit at size. FRAX currently earns up to 12.61% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: CIRCLE USYC or FRAX?
Capital preservation over everything else.
For park cash safely, CIRCLE USYC is the better fit over FRAX.
- Safety score 66 vs 54, with collateral rated 55/100.
- Current peg deviation 0.000% against -0.899% for FRAX.
- No material depeg recorded for CIRCLE USYC in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
CIRCLE USYC
- Issuer and banking risk: reserves sit with Circle USYC under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 98% of supply sits on Binance.
FRAX
- Reflexive peg design: stability depends on demand for a second token.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Yield venue risk: 12.61% is earned outside the token itself.
- Chain concentration: 81% of supply sits on Ethereum.
| Metric | CIRCLE USYC | FRAX |
|---|---|---|
| Category | Tokenized Treasury | Stablecoin |
| Issuer | Circle USYC | Undisclosed |
| Jurisdiction | Not documented | Not documented |
| Collateral | treasuries | algorithmic |
| Peg mechanism | asset-backed | algorithmic |
| Attestation | monthly | none |
| Redemption | gated | market-only |
| Price | $1.0000 | $0.9910 |
| Peg deviation | 0.000% | −0.899% |
| Market cap | $2.98B | $157.72M |
| 7d supply change | −0.81% | −1.80% |
| Liquidity | $0.00 | $77.11M |
| Best yield | None | 12.61% (fraxlend · Ethereum) |
| Chains | 2 | 17 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (CIRCLE USYC vs FRAX)
- +90.7 bps
- $1.0000 vs $0.9910
- Peg deviation gap
- -0.899 pp
- CIRCLE USYC 0.000% · FRAX −0.899%
- Yield spread
- -12.61%
- CIRCLE USYC — · FRAX 12.61%
- Liquidity ratio
- 0.00×
- $0.00 vs $77.11M
A round trip between CIRCLE USYC and FRAX costs roughly the market spread plus venue fees. At 90.7 bps of price gap, swapping $1M implies about $9.1K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
CIRCLE USYC is live on 2 chains, FRAX on 17. 1 chains carry both, so bridging is only unavoidable for the 17 networks where just one of them is deployed.
| Chain | CIRCLE USYC | FRAX | Both available |
|---|---|---|---|
| $2.91B | — | CIRCLE USYC only | |
| $72.71M | $127.38M | Yes | |
| — | $14.24M | FRAX only | |
| — | $8.07M | FRAX only | |
| — | $2.37M | FRAX only | |
| — | $1.87M | FRAX only | |
| — | $717.7K | FRAX only | |
| — | $615.6K | FRAX only | |
| — | $574.9K | FRAX only | |
| — | $557.1K | FRAX only | |
| — | $529.2K | FRAX only | |
| — | $484.1K | FRAX only | |
| — | $172.7K | FRAX only | |
| — | $70.4K | FRAX only | |
| — | $48.2K | FRAX only | |
| — | $19.1K | FRAX only | |
| — | $5.6K | FRAX only | |
| — | $2.9K | FRAX only |
CIRCLE USYC vs FRAX: frequently asked questions
Is CIRCLE USYC or FRAX safer?
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On our composite safety score CIRCLE USYC rates 66/100 versus 54/100 for FRAX. The score weighs collateral quality (treasuries vs algorithmic), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between CIRCLE USYC and FRAX?
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Circle USYC is issued by Circle USYC (Not documented), backed by treasuries, with redemption terms: gated. Frax is issued by Undisclosed (Not documented), backed by algorithmic, with redemption terms: market-only. Attestation coverage is "monthly" for CIRCLE USYC and "none" for FRAX.
Which has the bigger market cap, CIRCLE USYC or FRAX?
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CIRCLE USYC is larger at $2.98B in circulating supply, against $157.72M for the other. Over the last 7 days supply moved −0.81% for CIRCLE USYC and −1.80% for FRAX.
Are CIRCLE USYC and FRAX trading at $1.00 right now?
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CIRCLE USYC trades at $1.0000 (0.000% off peg) and FRAX at $0.9910 (−0.899% off peg). The gap between the two is about 90.7 basis points, which is the cost you pay when rotating size between them before fees.
Has CIRCLE USYC or FRAX ever depegged?
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CIRCLE USYC: no material depeg recorded in our incident set. FRAX: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, CIRCLE USYC or FRAX?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. FRAX shows deeper on-chain liquidity at $77.11M versus $0.00. Combine that with the redemption channel — CIRCLE USYC: gated; FRAX: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on CIRCLE USYC or FRAX?
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FRAX currently shows the higher rate at 12.61% via fraxlend · Ethereum, against no tracked rate for CIRCLE USYC. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both CIRCLE USYC and FRAX?
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Both are deployed on 1 shared network, including Ethereum. CIRCLE USYC spans 2 chains in total and FRAX spans 17. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from CIRCLE USYC to FRAX?
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Budget three components: the current price spread of roughly 90.7 bps, swap or venue fees, and slippage against available depth ($0.00 for CIRCLE USYC, $77.11M for FRAX). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is CIRCLE USYC or FRAX regulated?
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CIRCLE USYC is issued from Not documented with monthly; FRAX is issued from Not documented with none. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.