sfrxUSD is a staked derivative of the frxUSD stablecoin, issued by the Frax Finance protocol. It represents frxUSD deposited into Frax’s staking vault, allowing holders to earn yield while maintaining a 1:1 peg to the underlying stablecoin. The token functions as a liquid staking derivative, enabling capital efficiency for yield-bearing stablecoin strategies.
The token is deployed on Base at 0xcf62f905562626cfcdd2261162a51fd02fc9c5b6, though current on-chain data shows limited local liquidity with no active Aerodrome pools or vote markets on this chain. A Pendle market for sfrxUSD exists on Ethereum mainnet, indicating structured yield-trading activity with a ~5.18% implied APY and a January 2026 maturity.