Noble will integrate the chained variant of the Frax token (FRAX), a crypto-collateralized stablecoin fixed to the U.S. dollar, sFRAX, into the Cosmos ecosystem.
The decentralized protocol Frax Finance, which hosts the seventh-largest stablecoin, FRAX, has formed a substantial alliance with asset issuance chain Noble in order to broaden its reach beyond Ethereum to the Cosmos ecosystem, which includes over eighty blockchains.
As a result of Noble’s integration, the crypto-collateralized stablecoin Frax (FRAX) and its staked variant, sFRAX, will be native to the Cosmos ecosystem.
Cosmos users now have a decentralized alternative to USDC, the world’s second-largest dollar-pegged cryptocurrency, thanks to the expansion of the Cosmos ecosystem, an interoperability network. This is expected to increase the adoption of FRAX and sFRAX in various applications, such as trading, savings, payments, and collateral.
“It has long been a goal of Cosmos to enable native FRAX issuance, and we are ecstatic to introduce Noble as our issuance partner.” Frax Finance’s Sam Kazemian expressed his excitement about the impending release of FRAX and sFRAX, as well as about the novel use cases and incentives that the Cosmos appchain community and its users may come up with.
Frax Finance is a comprehensive decentralized finance ecosystem that provides lending markets, stablecoins, liquidity staking on Ethereum, and a layer 2 platform. Cosmos may eventually support Frax’s other tokens, such as frxETH and Frax Price Index (FPI).
Noble is a blockchain that is meant to work with Cosmos applications and create local digital assets for the Cosmos environment. Noble facilitated the USDC expansion from Circle to Cosmos in September 2023. Among all blockchains, Noble’s circulating quantity of USDC was 0.6%, or more than $195 million, as of press time.
Injective, Osmosis, Celestia, Sei, and dYdX are just a few of the main Cosmos chains that Noble makes it easy to integrate assets with. Over the last four weeks, the value of crypto assets exchanged across Cosmos networks has surpassed $2.5 billion.
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