Nonco Launches FX On-Chain Initiative on Avalanche, Revolutionizing Institutional Stablecoin Markets
Nonco Unveils FX On-Chain Initiative on Avalanche
Nonco, a leader in institutional digital asset trading, has launched its FX On-Chain protocol on the Avalanche network. This initiative connects institutional FX liquidity with the growing stablecoin market, enabling faster and more cost-effective global payments and remittances.
Addressing Stablecoin Market Challenges
Stablecoins, like USDC and USDT, dominate global finance with over $200 billion in market cap. However, non-USD stablecoins face fragmented liquidity and operational inefficiencies. FX On-Chain tackles these issues by linking institutional FX providers with Avalanche's network, creating a robust on-chain market.
Key Features of FX On-Chain
- Institutional Liquidity Provisioning: Access to FX liquidity comparable to off-chain markets with faster settlement and extended trading hours.
- Targeted FX Pricing: RFQ-based system ensures competitive pricing and spreads reflective of traditional FX markets.
- Direct Integrations: Partnerships with banks and stablecoin issuers foster participation from regulated institutions.
- On-Chain Execution: Atomic settlements streamline multi-currency transactions and mitigate counterparty risks.
Strategic Investment from VanEck
VanEck, a global asset manager, has invested in Nonco, endorsing its vision. CEO Jan van Eck highlighted Nonco's potential to lead in stablecoin-based FX markets, supported by prior backing from Valor Capital and others.
Avalanche: The Institutional Choice
Avalanche's EVM compatibility, speed, and scalability make it ideal for institutional finance. Nonco joins a growing list of institutions leveraging Avalanche for digital asset strategies, further expanding stablecoin adoption.
Launch and Future Plans
FX On-Chain debuts with USDMXN, soon expanding to USDBRL, EURUSD, and more. This launch, combined with additional liquidity providers, aims to modernize global money movement with blockchain efficiency.
Nonco's initiative, supported by Avalanche's infrastructure, is set to redefine institutional FX liquidity and accelerate stablecoin adoption across traditional and digital markets.
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