CRVUSD vs FRAX
crvUSD and Frax, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and CRVUSD/FRAX spread
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crvUSD is a dollar-denominated token tracked across 9 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
Frax is a dollar-denominated token tracked across 14 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 | 70 | 54 | CRVUSD |
|---|---|---|---|---|
| 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 | $376.00M | $91.51M | CRVUSD |
| 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 | +0.026% | −0.818% | CRVUSD |
| 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 | $259.33M | $153.30M | CRVUSD |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 9 chains | 14 chains | FRAX |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 7.56% | 8.60% | 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
CRVUSD scores higher on safety (70 vs 54), driven mainly by collateral quality and disclosure. CRVUSD has deeper tracked liquidity ($376.00M), which is what determines whether you can exit at size. FRAX currently earns up to 8.60% — 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: CRVUSD or FRAX?
Capital preservation over everything else.
For park cash safely, CRVUSD is the better fit over FRAX.
- Safety score 70 vs 54, with collateral rated 55/100.
- Current peg deviation 0.026% against -0.818% for FRAX.
- No material depeg recorded for CRVUSD 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
CRVUSD
- Collateral volatility: a fast drawdown in backing assets can force liquidations.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Yield venue risk: 7.56% is earned outside the token itself.
- Chain concentration: 99% of supply sits on Ethereum.
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: 8.60% is earned outside the token itself.
- Chain concentration: 87% of supply sits on Ethereum.
| Metric | CRVUSD | FRAX |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Undisclosed |
| Jurisdiction | Not documented | Not documented |
| Collateral | crypto-backed | algorithmic |
| Peg mechanism | crypto-backed | algorithmic |
| Attestation | none | none |
| Redemption | market-only | market-only |
| Price | $1.0003 | $0.9918 |
| Peg deviation | +0.026% | −0.818% |
| Market cap | $259.33M | $153.30M |
| 7d supply change | +2.24% | +1.24% |
| Liquidity | $376.00M | $91.51M |
| Best yield | 7.56% (stake-dao-yield · Ethereum) | 8.60% (fraxlend · Ethereum) |
| Chains | 9 | 14 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (CRVUSD vs FRAX)
- +85.1 bps
- $1.0003 vs $0.9918
- Peg deviation gap
- -0.792 pp
- CRVUSD +0.026% · FRAX −0.818%
- Yield spread
- -1.05%
- CRVUSD 7.56% · FRAX 8.60%
- Liquidity ratio
- 4.11×
- $376.00M vs $91.51M
A round trip between CRVUSD and FRAX costs roughly the market spread plus venue fees. At 85.1 bps of price gap, swapping $1M implies about $8.5K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
CRVUSD is live on 9 chains, FRAX on 14. 6 chains carry both, so bridging is only unavoidable for the 11 networks where just one of them is deployed.
| Chain | CRVUSD | FRAX | Both available |
|---|---|---|---|
| $257.12M | $132.86M | Yes | |
| $234.7K | $15.26M | Yes | |
| $1.12M | $1.88M | Yes | |
| $525.6K | $575.3K | Yes | |
| — | $718.3K | FRAX only | |
| — | $616.1K | FRAX only | |
| — | $529.6K | FRAX only | |
| $6.9K | $484.5K | Yes | |
| $299.9K | — | CRVUSD only | |
| — | $237.8K | FRAX only | |
| — | $70.4K | FRAX only | |
| — | $48.2K | FRAX only | |
| $3.3K | $19.1K | Yes | |
| $16.4K | — | CRVUSD only | |
| $6.0K | — | CRVUSD only | |
| — | $5.9K | FRAX only | |
| — | $2.9K | FRAX only |
CRVUSD vs FRAX: frequently asked questions
Is CRVUSD or FRAX safer?
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On our composite safety score CRVUSD rates 70/100 versus 54/100 for FRAX. The score weighs collateral quality (crypto-backed 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 CRVUSD and FRAX?
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crvUSD is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Frax is issued by Undisclosed (Not documented), backed by algorithmic, with redemption terms: market-only. Attestation coverage is "none" for CRVUSD and "none" for FRAX.
Which has the bigger market cap, CRVUSD or FRAX?
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CRVUSD is larger at $259.33M in circulating supply, against $153.30M for the other. Over the last 7 days supply moved +2.24% for CRVUSD and +1.24% for FRAX.
Are CRVUSD and FRAX trading at $1.00 right now?
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CRVUSD trades at $1.0003 (+0.026% off peg) and FRAX at $0.9918 (−0.818% off peg). The gap between the two is about 85.1 basis points, which is the cost you pay when rotating size between them before fees.
Has CRVUSD or FRAX ever depegged?
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CRVUSD: 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, CRVUSD or FRAX?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. CRVUSD shows deeper on-chain liquidity at $376.00M versus $91.51M. Combine that with the redemption channel — CRVUSD: market-only; FRAX: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on CRVUSD or FRAX?
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FRAX currently shows the higher rate at 8.60% via fraxlend · Ethereum, against 7.56% via stake-dao-yield · Ethereum for CRVUSD. 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 CRVUSD and FRAX?
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Both are deployed on 6 shared networks, including Ethereum, Arbitrum, OP Mainnet, Fraxtal, Polygon, ZKsync Era. CRVUSD spans 9 chains in total and FRAX spans 14. 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 CRVUSD to FRAX?
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Budget three components: the current price spread of roughly 85.1 bps, swap or venue fees, and slippage against available depth ($376.00M for CRVUSD, $91.51M for FRAX). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is CRVUSD or FRAX regulated?
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CRVUSD is issued from Not documented with none; 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.