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In an exciting development for the digital asset trading landscape, Nonco, a leading trading firm, has announced the launch of its FX On-Chain protocol on the Avalanche blockchain. The move signifies a strategic effort to bring traditional foreign exchange (FX) liquidity into the realm of blockchain-based financial infrastructure. The function of this protocol is to facilitate direct conversions between USD-backed stablecoins such as USDC and USDT, and non-USD stablecoins that are pegged to currencies like the euro, the Brazilian real, or the Mexican peso.
Built on Avalanche’s C-Chain, a key hub for liquidity in decentralized applications, FX On-Chain streamlines the process of converting between local and USD-pegged stablecoins. The aim is to significantly enhance the efficiency of global payments, cross-border remittances, and multi-currency settlements.
Despite the combined market capitalization of stablecoins like USDC and USDT exceeding $200 billion, Nonco argues that stablecoins pegged to non-USD currencies have been underutilized due to fragmented liquidity and operational challenges. By leveraging institutional FX providers, the new protocol aims to address this gap, offering more competitive spreads and faster settlement than automated market maker (AMM) models.
The FX On-Chain protocol introduces a host of features designed to align blockchain-based transactions with traditional financial standards. It employs a Request-for-Quote (RFQ) system to provide institutional-grade pricing, offering rates and spreads that closely mirror those in off-chain FX markets. Trades are settled atomically on-chain, reducing counterparty credit risk, especially in complex multi-currency transactions. The protocol also includes direct integrations with regulated banks and stablecoin issuers, enabling smoother transitions between traditional and digital finance environments. Additionally, Avalanche’s infrastructure supports extended trading hours and enables rapid settlement, contributing to a more seamless transaction experience.
Morgan Krupetsky, Head of Institutions & Capital Markets at Ava Labs, expressed his enthusiasm for the new initiative, saying, “FX On-Chain represents a step-change in bringing institutional FX liquidity to blockchain-based markets. Nonco’s expertise in institutional trading and its high-quality network of partners and customers, combined with Avalanche’s high-performance infrastructure, marks a major step toward expanding stablecoin-based FX markets and capabilities–something the whole industry has been waiting to see.”
In a significant vote of confidence for the venture, asset management firm VanEck has pledged investment in Nonco, reflecting the growing institutional interest in blockchain-based FX utilities. Jan van Eck, CEO of VanEck, stated that the firm sees substantial long-term potential in Nonco’s focus on merging stablecoin infrastructure with institutional-grade FX capabilities. Nonco has also previously garnered investment from firms including Valor Capital, Hack VC, and Morgan Creek Digital.
Fernando Martinez, CEO of Nonco, highlighted why Avalanche was chosen for the project, citing its speed, low fees, and compatibility with Ethereum-based tools: “FX On-Chain solves a key inefficiency in stablecoin markets: the lack of institutional FX liquidity. Avalanche offers the infrastructure we need to execute at scale.”
By introducing the FX On-Chain protocol, Nonco aims to make stablecoins more applicable for real-world financial use cases by integrating traditional FX mechanics onto the blockchain. With backing from major players like VanEck and operating on Avalanche’s fast, scalable infrastructure, the platform is positioning itself as a new standard in digital FX. The protocol will initially support USDMXN pairs, with plans to expand into EURUSD, USDBRL, and more in the near future.
