HostFRXUSD vs SUSDE — price, size and safety, side by side
FRXUSD (Ethereum) vs SUSDE (Ethereum) — every figure is the freshest dated measurement we hold for that token, never a live-feed guess. Prices stamped 2026-09-26 / 2026-09-27.
FRXUSD vs SUSDE — normalized performance, 2026-09-08 to 2026-09-26T18:07:24
| FRXUSD | SUSDE | |
|---|---|---|
| Price | $1.00 | $1.26 |
| Market cap | $104.00M | $1.32B |
| 24h volume | $543.19K | $1.53M |
| Liquidity | $25.01M | $24.55M |
| FDV | $93.35M | $1.32B |
| Holders | 1,970 | 12,154 |
| Age (days) | 438 | 473 |
| Safety grade | B | E |
Where they differ
- SUSDE measures ~13× the market cap of FRXUSD
- SUSDE measures ~2.8× the 24h volume of FRXUSD
- SUSDE measures ~6.2× the holder count of FRXUSD
What the data says
FRXUSD
FRXUSD is Frax's dollar — the stablecoin of the protocol that pioneered fractional-algorithmic backing and later migrated to full collateralization, now issued against custodied reserves and yield-bearing positions. The deployment 0xcacd6fd266af91b8aed52accc382b4e165586e29 is the Ethereum mint; our September 26, 2026 snapshot reads $25.0 million of tracked pool liquidity.
The honest arc: Frax started as the algorithmic stable that held its peg with a collateral ratio dial — a design that survived the 2022 stablecoin shakeout where most algorithmics didn't — and the protocol has since moved toward conventional backing, which makes current frxUSD a different risk than its origin story suggests. The evolution is the point of checking the current reserve shape rather than the 2021 reputation.
SUSDE
sUSDe is the yield-bearing half of Ethena's system — USDe locked in the staking contract, accruing the funding-rate and staking yield the delta-neutral hedge generates. That is why it trades above a dollar ($1.24 at our September 27, 2026 read): the price is the receipt appreciating, not a peg. The contract 0x9d39a5de30e57443bff2a8307a4256c8797a3497 is the canonical Ethereum deployment; tracked pool liquidity reads $24.5 million.
The honest mechanics: holding sUSDe means opting into the full Ethena stack — the basis-trade carry (which can go negative), the offshore-exchange custody of the hedge, plus a ~7-day unstaking cooldown on the way out. The cooldown matters in stress: sUSDe can trade at a discount to its accrued value precisely when everyone wants the exit at once. None of this is hypothetical — it is the price of the yield.
FAQ
Which is bigger, FRXUSD or SUSDE?
By tracked market cap: FRXUSD (Ethereum) measures $104.00M and SUSDE (Ethereum) measures $1.32B — dated snapshots, not a live feed.
Which is safer, FRXUSD or SUSDE?
On the contract checks we publish: FRXUSD (Ethereum) grades B and SUSDE (Ethereum) grades E. A grade is a structural check on the contract, not a promise about the asset.
How have FRXUSD and SUSDE performed over the shared window?
Between 2026-09-08 and 2026-09-26T18:07:24, the measured snapshots show FRXUSD at +0.18% and SUSDE at −0.04%.
More comparisons
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The grade column is the one CMC's compare page cannot print — our grade is computed from the contract itself (mint/freeze authority, liquidity, holder concentration). Changes are measured over the shared window stated on the chart, 2026-09-08→2026-09-26T18:07:24; a token with fewer measured points measures a shorter span inside it.
Figures are dated on-chain snapshots, not a live feed. Safety grades are structural checks — not investment advice. Free · no signup · a NexFlow product.