ENA vs FRAX
Ethena USDtb and Frax, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and ENA/FRAX spread
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Ethena USDtb issues dollar-denominated tokenized real-world assets across 1 chains. Value shown is on-chain assets under management.
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 | 64 | 54 | ENA |
|---|---|---|---|---|
| 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 | $91.54M | 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% | −0.767% | ENA |
| 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 | $492.66M | $152.83M | ENA |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 1 chains | 14 chains | FRAX |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | 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
ENA scores higher on safety (64 vs 54), driven mainly by collateral quality and disclosure. FRAX has deeper tracked liquidity ($91.54M), 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: ENA or FRAX?
Capital preservation over everything else.
For park cash safely, ENA is the better fit over FRAX.
- Safety score 64 vs 54, with collateral rated 55/100.
- Current peg deviation 0.000% against -0.767% for FRAX.
- No material depeg recorded for ENA 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
ENA
- Issuer and banking risk: reserves sit with Ethena USDtb under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 100% 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 | ENA | FRAX |
|---|---|---|
| Category | Tokenized Treasury | Stablecoin |
| Issuer | Ethena USDtb | Undisclosed |
| Jurisdiction | Not documented | Not documented |
| Collateral | treasuries | algorithmic |
| Peg mechanism | asset-backed | algorithmic |
| Attestation | monthly | none |
| Redemption | gated | market-only |
| Price | $1.0000 | $0.9923 |
| Peg deviation | 0.000% | −0.767% |
| Market cap | $492.66M | $152.83M |
| 7d supply change | +3.54% | +1.01% |
| Liquidity | $0.00 | $91.54M |
| Best yield | None | 8.60% (fraxlend · Ethereum) |
| Chains | 1 | 14 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (ENA vs FRAX)
- +77.3 bps
- $1.0000 vs $0.9923
- Peg deviation gap
- -0.767 pp
- ENA 0.000% · FRAX −0.767%
- Yield spread
- -8.60%
- ENA — · FRAX 8.60%
- Liquidity ratio
- 0.00×
- $0.00 vs $91.54M
A round trip between ENA and FRAX costs roughly the market spread plus venue fees. At 77.3 bps of price gap, swapping $1M implies about $7.7K of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
ENA is live on 1 chains, FRAX on 14. 1 chains carry both, so bridging is only unavoidable for the 13 networks where just one of them is deployed.
| Chain | ENA | FRAX | Both available |
|---|---|---|---|
| $492.66M | $132.45M | Yes | |
| — | $15.19M | FRAX only | |
| — | $1.88M | FRAX only | |
| — | $718.7K | FRAX only | |
| — | $616.4K | FRAX only | |
| — | $575.6K | FRAX only | |
| — | $529.9K | FRAX only | |
| — | $484.7K | FRAX only | |
| — | $237.9K | FRAX only | |
| — | $70.5K | FRAX only | |
| — | $48.3K | FRAX only | |
| — | $19.1K | FRAX only | |
| — | $5.9K | FRAX only | |
| — | $2.9K | FRAX only |
ENA vs FRAX: frequently asked questions
Is ENA or FRAX safer?
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On our composite safety score ENA rates 64/100 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 ENA and FRAX?
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Ethena USDtb is issued by Ethena USDtb (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 ENA and "none" for FRAX.
Which has the bigger market cap, ENA or FRAX?
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ENA is larger at $492.66M in circulating supply, against $152.83M for the other. Over the last 7 days supply moved +3.54% for ENA and +1.01% for FRAX.
Are ENA and FRAX trading at $1.00 right now?
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ENA trades at $1.0000 (0.000% off peg) and FRAX at $0.9923 (−0.767% off peg). The gap between the two is about 77.3 basis points, which is the cost you pay when rotating size between them before fees.
Has ENA or FRAX ever depegged?
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ENA: 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, ENA 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 $91.54M versus $0.00. Combine that with the redemption channel — ENA: gated; FRAX: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on ENA or FRAX?
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FRAX currently shows the higher rate at 8.60% via fraxlend · Ethereum, against no tracked rate for ENA. 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 ENA and FRAX?
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Both are deployed on 1 shared network, including Ethereum. ENA spans 1 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 ENA to FRAX?
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Budget three components: the current price spread of roughly 77.3 bps, swap or venue fees, and slippage against available depth ($0.00 for ENA, $91.54M for FRAX). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is ENA or FRAX regulated?
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ENA 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.