Frax Finance Expands to Cosmos Ecosystem via Partnership with Noble

Frax Finance, the creator of the seventh-largest stablecoin FRAX, has partnered with Noble, an asset issuance chain within the Cosmos ecosystem, to expand its presence beyond Ethereum's network. This collaboration will integrate FRAX and sFRAX natively into Cosmos, offering decentralized alternatives to USDC and allowing users to benefit from its decentralized stablecoin suite, trading, savings, payments, and collateralization capabilities.

Frax Finance Extends Reach to Cosmos Ecosystem Through Noble Partnership

New York, NY - April 3, 2024 - Frax Finance, the decentralized finance (DeFi) protocol behind the seventh-largest stablecoin FRAX, has forged a strategic partnership with Noble, a specialized blockchain within the Cosmos ecosystem. This collaboration marks a significant milestone in Frax's pursuit of expanding its presence beyond Ethereum and tapping into the burgeoning Cosmos network.

Noble serves as the user experience (UX) layer for native asset issuance within the Cosmos ecosystem, which encompasses a vast network of approximately 80 blockchains. Through this partnership, both the FRAX token and its staked version, sFRAX, will be seamlessly integrated into the Cosmos ecosystem.

This move is poised to significantly enhance the accessibility and utility of FRAX and sFRAX across a diverse range of applications, including trading, savings, payments, and collateralization. The integration into Cosmos' interoperable network will enable seamless transfer and utilization of FRAX assets across various blockchains, unlocking new opportunities for growth and adoption.

Crucially, the expansion into Cosmos introduces Cosmos users to a decentralized alternative to USDC, the second-largest dollar-pegged cryptocurrency globally. This provides a viable and competitive option that aligns with the decentralized ethos of the Cosmos network.

Sam Kazemian, the founder of Frax Finance, expressed his enthusiasm for the partnership, stating, "We have long envisioned the integration of native FRAX issuance into Cosmos. This partnership with Noble is a pivotal step in realizing this vision and expanding the reach of FRAX to a wider audience."

Frax Finance's multifaceted DeFi ecosystem encompasses a comprehensive suite of products, including stablecoins, liquidity staking, layer 2 solutions, and lending markets. The company's expansion into Cosmos opens the door to exploring the issuance of additional tokens, such as Frax Price Index (FPI) and frxETH, further enriching the DeFi landscape in the Cosmos ecosystem.

Noble has established itself as a key player in the Cosmos network, enabling the issuance of native digital assets. Notably, Noble facilitated Circle's successful expansion of USDC into Cosmos in September 2023. The circulating supply of USDC on Cosmos has since surpassed $195 million, representing 0.6% of the total USDC supply globally, a testament to Noble's capabilities and the growing adoption of decentralized finance in the Cosmos ecosystem.

The partnership between Frax Finance and Noble represents a significant step forward in the evolution of DeFi and the broader crypto ecosystem. By leveraging Cosmos' interoperability and Noble's expertise in asset issuance, Frax Finance is poised to unlock new frontiers of growth and innovation, further solidifying its position as a leading player in the decentralized finance space.