Frax Finance, the decentralized protocol that is home to the seventh largest stablecoin FRAX, has forged a key partnership with asset issuing chain Noble to expand its reach beyond Ethereum to the Cosmos ecosystem of approximately 80 blockchains. We have expanded our footprint.
Frax token (FRAX), a USD-pegged cryptocurrency-backed stablecoin, and its staked counterpart sFRAX will be native to the Cosmos ecosystem via Noble.
The expansion of the Cosmos ecosystem, an interoperability network, will accelerate the adoption of FRAX and sFRAX in a variety of applications such as trading, savings, payments, and collateral, while providing Cosmos users with the world's second largest dollar, USDC. It is expected to provide a decentralized alternative to . – Pegged cryptocurrencies.
“Bringing native FRAX issuance to Cosmos has been a priority for some time and we are excited to announce Noble as our issuance partner. We are excited about the potential innovative use cases and incentives being developed by us and our partners, as well as the Cosmos app chain and the broader community of users,” said Sam Kazemian, founder of Frax Finance. states.
Frax Finance is a full-fledged DeFi ecosystem offering stablecoins, liquidity staking on Ethereum, a layer 2 platform, and a lending market. Frax’s other tokens, Frax Price Index (FPI) and frxETH, may become available on Cosmos at a later date.
Noble is a Cosmos application-specific blockchain designed to issue native digital assets in the Comos ecosystem. Circle's USDC expanded to Cosmos via Noble in September 2023. As of this writing, Noble's total circulating supply is over $195 million, which accounts for his 0.6% of his total USDC supply across all blockchains.
Noble facilitates seamless integration of assets with major Cosmos chains such as Osmosis, dYdX, Celestia, sei, and Injective. Over the past four weeks, more than $2.5 billion in crypto assets have been transferred between the Cosmos chains.
