Frax Finance is working with Noble to expand Frax’s products into the Cosmos ecosystem, providing a relatively decentralized alternative to USDC.
This collaboration will enable Frax and sFrax tokens to be natively integrated across the Cosmos ecosystem, comprised of over 80 interconnected blockchains, for a variety of applications including decentralized finance and payments. This is in addition to the current Ethereum issuance, bringing the total value to over $1.1 billion.
Frax’s initial products for Noble include the Frax token, a decentralized stablecoin combining collateral and algorithmic mechanisms for peg stability, and sFrax, a staking version of Frax aimed at providing yield.
Within the Cosmos ecosystem, Noble is known as the native asset issuance network for Circle’s USDC stablecoin, which can be moved to other Cosmos chains such as Osmosis, Celestia, Sei, Injective, and Neutron. Since launch in September 2023, over $200 million of native USDC is currently outstanding.
This is not the first example of an Ethereum-based project expanding its reach into the Cosmos ecosystem. Previous integrations included Lido’s staked ether (stETH) token and the Dai stablecoin. However, it was introduced in Cosmos as a bridge version rather than a basic version.
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