FXUSD vaults
About FXUSD vaults
f(x) Protocol fxUSD is used in 1 stablecoin vault with $32.8K TVLacross 1 protocol. The largest vault is fxUSD Agentic Stablecoinand the most popular vault protocol is Morpho. The last 30 days' average yield is 0.0%.
About f(x) Protocol fxUSD
fxUSD is a stablecoin issued by the f(x) Protocol built on Aladdin DAO. It uses a leveraged-yield-bearing mechanism to maintain its peg. fxUSD is backed by liquid staking derivatives with built-in leverage and yield.
fxUSD is a USD-pegged stablecoin issued by the f(x) Protocol, a DeFi primitive built by Aladdin DAO on Ethereum. Unlike conventional stablecoins, fxUSD is backed entirely by liquid staking tokens (LSTs) — primarily stETH and wBTC — using a split-tranche design where one tranche absorbs volatility and the other remains stable.
Mechanism
The protocol pairs each LST into two derivative tokens: a stable token (fxUSD, targeting $1) and a leveraged token (xPOSITION/sPOSITION in v2.1) that absorbs all price fluctuations of the underlying collateral. This invariant ensures fxUSD remains 100% backed while the leveraged counterpart provides capital efficiency. A decentralised stability pool (fxUSD + USDC) defends the peg, and yield from stETH staking, opening fees, and FXN token emissions is distributed to liquidity providers.
Key properties
- Backed by stETH and wBTC; no fiat or centralised custodians
- 100% collateralisation maintained by the f(x) invariant
- Yield distributed via the fxSAVE module for flexible savings
- Deployed on Ethereum mainnet; governance by FXN token holders
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Performance and risk
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| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
fxUSD Agentic Stablecoin Morpho | 0.0% | 0.8% | 0.7% | 7.1 | 0.1% | 0.0% | FXUSD | $32.77K $1.58M | 0.6 | 0.0%/ 10.0% | Instant | Negligible |  |
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