Frax currently issues 3 stablecoins: frxUSD, FPI, and frxETH, plus many other non-stablecoin tokens. The protocol also contains several contract groups, or "subprotocols," that integrate these assets to deliver stability and utility. Key concepts for understanding the unified Frax Finance ecosystem include:

Stablecoins frxUSD – an asset pegged to the USD. FPI – The Frax Price Index (FPI) stablecoin, which is the first stablecoin tied to a basket of consumer goods, establishing its own unit of account distinct from any nation-state currency. frxETH – a Liquid Staking Derivative (LSD) token pegged to ETH, designed to serve as a substitute for WETH in smart contracts. sfrxETH is the associated ERC4626 token that gathers value from ETH staking rewards, MEV, and more. frxETH V2 enables anonymous validator pools to borrow extra ETH by using escrowed exit messages as collateral.