Frax Finance, a decentralized protocol housing the seventh-largest stablecoin, FRAX, has entered a significant partnership with Noble, an asset issuance chain. This collaboration aims to extend Frax’s presence beyond Ethereum into the Cosmos ecosystem, which encompasses approximately 80 blockchains.
Through Noble, both the FRAX token and its staked version, sFRAX, will integrate natively into the Cosmos ecosystem.
The move to Cosmos, known for its interoperability network, is poised to drive the adoption of FRAX and sFRAX across various applications such as trading, savings, payments, and collateralization. This expansion also presents Cosmos users with a decentralized alternative to USDC, the second-largest dollar-pegged cryptocurrency worldwide.
Sam Kazemian, the founder of Frax Finance, expressed enthusiasm about the partnership, highlighting the long-standing goal of bringing native FRAX issuance to Cosmos.
Frax Finance, renowned for its comprehensive DeFi ecosystem offering stablecoins, liquidity staking, layer 2 solutions, and lending markets on Ethereum, anticipates exploring additional tokens such as Frax Price Index (FPI) and frxETH on Cosmos in the future.
Noble, as a specialized blockchain within the Cosmos network, facilitates the issuance of native digital assets. Notably, Noble previously enabled Circle’s USDC expansion into Cosmos in September 2023, amassing a circulating supply exceeding $195 million USDC, comprising 0.6% of the total USDC supply.
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