FRXUSD vs USSD
Frax USD and US Sonic Dollar, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and FRXUSD/USSD spread
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Frax USD is a dollar-denominated token tracked across 15 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
US Sonic Dollar is a dollar-denominated token tracked across 1 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 | 69 | 54 | FRXUSD |
|---|---|---|---|---|
| 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 | $156.17M | $0.00 | FRXUSD |
| 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 | −0.028% | 0.000% | USSD |
| 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 | $106.19M | $2.05M | FRXUSD |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 15 chains | 1 chains | FRXUSD |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 3.45% | None | FRXUSD |
"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
FRXUSD scores higher on safety (69 vs 54), driven mainly by collateral quality and disclosure. FRXUSD has deeper tracked liquidity ($156.17M), which is what determines whether you can exit at size. FRXUSD currently earns up to 3.45% — 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: FRXUSD or USSD?
Capital preservation over everything else.
For park cash safely, FRXUSD is the better fit over USSD.
- Safety score 69 vs 54, with collateral rated 55/100.
- Current peg deviation -0.028% against 0.000% for USSD.
- No material depeg recorded for FRXUSD 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
FRXUSD
- Issuer and banking risk: reserves sit with Undisclosed under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Yield venue risk: 3.45% is earned outside the token itself.
- Chain concentration: 83% of supply sits on Ethereum.
USSD
- 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.
- Chain concentration: 100% of supply sits on Sonic.
| Metric | FRXUSD | USSD |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Undisclosed | Undisclosed |
| Jurisdiction | Not documented | Not documented |
| Collateral | fiat-backed | crypto-backed |
| Peg mechanism | fiat-backed | crypto-backed |
| Attestation | none | none |
| Redemption | market-only | market-only |
| Price | $0.9997 | $1.0000 |
| Peg deviation | −0.028% | 0.000% |
| Market cap | $106.19M | $2.05M |
| 7d supply change | −0.14% | −1.91% |
| Liquidity | $156.17M | $0.00 |
| Best yield | 3.45% (fraxlend · Ethereum) | None |
| Chains | 15 | 1 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (FRXUSD vs USSD)
- -2.8 bps
- $0.9997 vs $1.0000
- Peg deviation gap
- 0.028 pp
- FRXUSD −0.028% · USSD 0.000%
- Yield spread
- +3.45%
- FRXUSD 3.45% · USSD —
- Liquidity ratio
- —
- $156.17M vs $0.00
A round trip between FRXUSD and USSD costs roughly the market spread plus venue fees. At 2.8 bps of price gap, swapping $1M implies about $278.77 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
FRXUSD is live on 15 chains, USSD on 1. 1 chains carry both, so bridging is only unavoidable for the 14 networks where just one of them is deployed.
| Chain | FRXUSD | USSD | Both available |
|---|---|---|---|
| $88.17M | — | FRXUSD only | |
| $14.36M | — | FRXUSD only | |
| $2.06M | $2.05M | Yes | |
| $371.4K | — | FRXUSD only | |
| $359.3K | — | FRXUSD only | |
| $326.4K | — | FRXUSD only | |
| $302.2K | — | FRXUSD only | |
| $200.3K | — | FRXUSD only | |
| $15.5K | — | FRXUSD only | |
| $7.5K | — | FRXUSD only | |
| $4.1K | — | FRXUSD only | |
| $3.6K | — | FRXUSD only | |
| $3.0K | — | FRXUSD only | |
| $2.8K | — | FRXUSD only | |
| $1.0K | — | FRXUSD only |
FRXUSD vs USSD: frequently asked questions
Is FRXUSD or USSD safer?
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On our composite safety score FRXUSD rates 69/100 versus 54/100 for USSD. The score weighs collateral quality (fiat-backed vs crypto-backed), 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 FRXUSD and USSD?
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Frax USD is issued by Undisclosed (Not documented), backed by fiat-backed, with redemption terms: market-only. US Sonic Dollar is issued by Undisclosed (Not documented), backed by crypto-backed, with redemption terms: market-only. Attestation coverage is "none" for FRXUSD and "none" for USSD.
Which has the bigger market cap, FRXUSD or USSD?
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FRXUSD is larger at $106.19M in circulating supply, against $2.05M for the other. Over the last 7 days supply moved −0.14% for FRXUSD and −1.91% for USSD.
Are FRXUSD and USSD trading at $1.00 right now?
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FRXUSD trades at $0.9997 (−0.028% off peg) and USSD at $1.0000 (0.000% off peg). The gap between the two is about 2.8 basis points, which is the cost you pay when rotating size between them before fees.
Has FRXUSD or USSD ever depegged?
+
FRXUSD: no material depeg recorded in our incident set. USSD: 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, FRXUSD or USSD?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. FRXUSD shows deeper on-chain liquidity at $156.17M versus $0.00. Combine that with the redemption channel — FRXUSD: market-only; USSD: market-only — and size trades against the primary window rather than the order book where possible.
Can I earn yield on FRXUSD or USSD?
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FRXUSD currently shows the higher rate at 3.45% via fraxlend · Ethereum, against no tracked rate for USSD. 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 FRXUSD and USSD?
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Both are deployed on 1 shared network, including Sonic. FRXUSD spans 15 chains in total and USSD spans 1. 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 FRXUSD to USSD?
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Budget three components: the current price spread of roughly 2.8 bps, swap or venue fees, and slippage against available depth ($156.17M for FRXUSD, $0.00 for USSD). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is FRXUSD or USSD regulated?
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FRXUSD is issued from Not documented with none; USSD 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.