Frax Finance has partnered with Noble to extend Frax’s products into the Cosmos ecosystem, providing a relatively decentralized alternative to USDC.
The partnership will allow Frax and sFrax tokens to be natively integrated into the Cosmos ecosystem – consisting of more than 80 interconnected blockchains – for various applications, including decentralized finance and payments. This is in addition to the current issuance on Ethereum, where the total value of the coin is higher $1.1 billion.
Frax’s initial offering on Noble includes the Frax token, a decentralized stablecoin that combines collateralized and algorithmic mechanisms for peg stability, and sFrax, a staking version of Frax that aims to provide returns.
Within the Cosmos ecosystem, Noble is known as the original asset issuance network for Circle’s USDC stablecoin, from which it can transition to other Cosmos chains such as Osmosis, Celestia, Sei, Injective, and Neutron. It’s over $200 million of the native USDC currently outstanding after its launch in September 2023.
This isn’t the first instance of an Ethereum-based project expanding its reach into the Cosmos ecosystem. Previous integrations include Lido’s staked ether (stETH) tokens and the Dai stablecoin. However, these were introduced in Cosmos as bridged versions, rather than native versions.
