DefiLlama launches reserve verification for frxUSD stablecoin
DeFi & Yields ·
The analytics platform known for tracking total value locked has begun independently verifying the backing of onchain assets, starting with Frax Finance's frxUSD.
DefiLlama's first verification page shows frxUSD backed by $98,456,192.11 in verified reserves against $95,115,936.04 in frxUSD outstanding, putting the collateral ratio at 103.51% and the stablecoin overcollateralized by $3,340,256.07. The reserves span 10 positions across 8 accounts, combining onchain holdings with offchain assets that DefiLlama says it has independently verified.
The backing breaks down across five asset types: WTGXX accounts for 68.77% of reserves at $67,709,987.53 across 3 accounts, BUIDL contributes 16.13% ($15,879,325.96) from a single account, USTB makes up 12.96% ($12,761,452.60) also from one account, Erebor Bank USD holds 2.04% ($2,005,530.31), and a combination of AUSD, USDC and USDB across 4 accounts rounds out 0.10% ($99,895.71).
On the liabilities side, frxUSD circulation is concentrated on Ethereum, which holds 80.00% of supply at $76,092,680.05, followed by Fraxtal at 9.80% ($9,319,391.37), Stable at 4.13%, Somnia at 3.47%, Sonic at 0.98%, and 25 smaller networks making up the remaining 1.62%. A separate figure shows 10,484,949.86 frxUSD locked in the Fraxtal bridge, which DefiLlama notes is already excluded from the Ethereum total since the Fraxtal supply represents those same tokens.
The launch marks a shift in DefiLlama's role from passive metrics aggregator to active verifier, a move covered as part of a broader expansion of verification tools intended to track backing for onchain assets and vaults beyond conventional TVL dashboards. Each verified position carries a timestamp in a register showing when it was last updated, giving the frxUSD page a running audit trail rather than a static snapshot.
DefiLlama has said more verified onchain products are coming in the near term, though which protocols or assets will follow frxUSD has not been specified. Also unclear is how frequently the underlying positions will be re-verified and what standards or methodology DefiLlama applies when confirming offchain holdings.