Frax Price Index Share (FPIS): Uses and Risks

Frax Price Index Share (FPIS) is the governance token of the Frax Price Index system. It is distinct from Frax Price Index (FPI), the system’s algorithmic stablecoin, which is designed to track the purchasing power of the US Consumer Price Index for All Urban Consumers (CPI-U) basket. FPIS is therefore not itself a CPI-pegged stablecoin, and its market price can move independently of FPI.

The project describes FPIS as entitled to seigniorage from the FPI protocol. Seigniorage generally refers to value associated with issuing or managing money. The project also describes directing excess treasury yield to FPIS holders, using Frax Finance’s FXS structure as a comparison. These are protocol-design features, not a promise of a particular payment or return. The amount, timing and availability of any distribution can depend on the protocol’s operation and governance.

FPIS has two stated roles: governance in the Frax Price Index system and an entitlement to protocol seigniorage. As a governance token, it is intended to let holders take part in decisions made through the system’s governance process. Public sources do not specify which proposals are active, how voting power is calculated, or whether every holder can vote directly, so check the current governance rules before relying on a particular feature.

The treasury-yield mechanism is described as sending excess yield to FPIS holders. That does not make FPIS a fixed-income product: the project description does not establish a guaranteed yield, a fixed payment schedule, or that distributions are currently being made. The token’s value also depends on market demand and protocol conditions. Buying or holding FPIS does not mean holding FPI, and owning FPIS alone does not ensure that a holder’s purchasing power is protected.

FPIS has a stated total and maximum supply of 100 million tokens. About 28.9 million were circulating as of 2026-11-05, so the circulating amount is smaller than the maximum. The difference may enter circulation over time, but the figures alone do not show when or how that could happen. Supply figures can change, and should be checked against current token information before making decisions.

FPIS is issued on Ethereum, Arbitrum, Fraxtal and BNB Chain; it is not identified as the native coin of any of those networks. As of 2026-11-05, its price was about $0.092, its market capitalization about $2.6 million and its 24-hour trading volume about $406. The small reported volume can mean trades are harder to execute at a desired price. These are time-specific market figures, not a valuation or an indication of future performance.

FPIS carries the risks of a volatile crypto asset and of being tied to an algorithmic stablecoin system. FPI’s intended CPI-U peg is a design goal, not proof that it will always track the index. Problems with the peg, protocol operation, governance, treasury strategy or market demand could affect FPIS. Its market history also shows substantial volatility: its stated all-time high was $14.20 on 2022-04-13, while its stated all-time low was about $0.021 on 2026-06-24. Past prices do not predict future results.

For storage, use a wallet that supports the network on which your FPIS is held, and confirm the correct network and token contract through official Frax materials before sending or receiving. FPIS on one network may not be interchangeable with tokens on another without a supported transfer route. Be cautious of unsolicited requests to connect a wallet or approve transactions. In self-custody, protect your recovery phrase offline; losing it can mean losing access, while sharing it can let another person take control. Exchanges and custodial wallets have separate account and custody risks.