Nonco Brings Institutional FX Liquidity On-Chain, Powered by Avalanche
New York, New York, April 3rd, 2025, Chainwire
Nonco, a leading institutional digital asset trading firm, has launched its foreign exchange (FX) On-Chain initiative on the Avalanche network, bridging institutional FX liquidity and activity with the growing stablecoin market.
Built on Avalanche C-Chain–the network’s liquidity hub–Nonco’s FX On-Chain protocol automates conversions between local currency- and USD-backed stablecoins, like USDC, USDT, AUSD and others, enabling potentially faster, more cost-effective global payments, remittances, and cross-border transactions. By bringing greater stablecoin liquidity on-chain, Nonco aims to create a more operationally efficient FX market for institutions and enterprises.
Bringing Institutional-Grade FX Pricing & Liquidity On-Chain
Stablecoins already play a critical role in global finance, with USDT and USDC surpassing $200 billion in market capitalization. Despite this, non-USD stablecoins—i.e., those pegged to EUR, MXN, BRL, HKD, etc.—remain underdeveloped for a variety of reasons, including limited and fragmented local exchange liquidity, operational frictions between traditional and blockchain-based markets, and costly conversion rates.
FX On-Chain strives to address these issues by seamlessly and securely connecting established institutional FX liquidity providers with the Avalanche-based protocol, enabling the creation of a more robust on-chain market. Key features include:
- Institutional liquidity provisioning: Because of connectivity with institutional incumbents, end-customers will be able to access FX liquidity comparable with off-chain markets, but with faster settlement times and extended trading hours.
- Targeted FX pricing: The RFQ-based system, coupled with institutional-grade liquidity, will maintain pricing and spreads that are more reflective of traditional FX markets vs AMM-style options.
- Direct integrations with banks and stablecoin issuers: Fostering participation by regulated financial institutions and major stablecoin issuers, the system is created by institutions, for institutions.
- On-chain execution and settlement: FX trades will be settled atomically on-chain to streamline multi-currency transactions and address counterparty credit risk.
“FX On-Chain represents a step-change in bringing institutional FX liquidity to blockchain-based markets,” said Morgan Krupetsky, Head of Institutions & Capital Markets at Ava Labs. “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.”
VanEck Invests in Nonco
In a vote of confidence for its vision, Nonco has secured a commitment for investment from VanEck, a global leader in asset management and digital asset innovation. VanEck has been a vocal advocate for stablecoins as a transformative force in global payments and cross-border transactions.
“Nonco has established itself as one of the leaders in providing liquidity for its corporate customers, and we believe they have the potential of becoming a leader in stablecoin-based FX markets,” said CEO Jan van Eck.
With prior backing from Valor Capital, Hack VC, Morgan Creek Digital, and others, Nonco’s FX On-Chain protocol is poised to redefine institutional FX liquidity and accelerate stablecoin adoption across traditional and digital financial markets.
Avalanche As the Choice for Institutional Finance
Avalanche will serve as the default network for Nonco’s FX On-Chain protocol. Already a market leader in stablecoin trading volumes, Nonco joins the growing list of institutions leveraging Avalanche in executing their digital asset strategies. The network’s EVM compatibility, speed, low fees, scalability, and customizability have attracted institutional builders, users, investors, and infrastructure partners, including a growing number of USD- and non-USD stablecoin issuers.
“FX On-Chain solves a key inefficiency in stablecoin markets: the lack of institutional FX liquidity,” said Fernando Martinez, CEO of Nonco. “Integrating real FX markets with blockchain infrastructure enables businesses to transact in stablecoins with the same efficiency as traditional FX desks. Avalanche provides high-performance infrastructure tailor-made for institutional finance, and the ecosystem of partners building on the network made it the ideal place to launch.”
The protocol will debut imminently with USDMXN before quickly expanding to USDBRL, EURUSD, and other predominant trading pairs, while onboarding additional liquidity providers in short order.
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About Nonco
Nonco is a leading digital asset trading firm that provides principal risk liquidity to institutional counterparts. The firm operates across two core verticals: Markets and Stables.
In Markets, Nonco partners with ETFs, asset managers, brokers, trading firms, and aggregators—delivering consistent and competitive pricing across all market conditions. The firm acts as a trusted counterparty, offering deep liquidity and seamless execution.
Through its Stables business, Nonco supports fintechs and Web3 platforms leveraging stablecoins and local currencies for cross-border payments, remittances, and trade finance. By combining blockchain infrastructure with institutional-grade execution, Nonco is helping modernize the global money movement.
With a blend of high-touch service and cutting-edge technology, Nonco enables institutional counterparts to trade against its balance sheet with confidence. Backed by industry veterans with over two decades of experience, Nonco has emerged as one of the premier liquidity providers in the digital asset space.
Today, Nonco serves over 350 institutional counterparts, including U.S. ETFs, liquid funds, top-tier crypto projects, and global payment companies. It is widely recognized as a go-to liquidity provider for institutions operating in digital asset markets.
About Avalanche
Avalanche is an ultra-fast, low-latency blockchain platform designed for builders who need high performance at scale. The network’s architecture allows for the creation of sovereign, efficient and fully interoperable public and private layer 1 (L1) blockchains which leverage the Avalanche Consensus Mechanism to achieve high throughput and near-instant transaction finality. The ease and speed of launching an L1, and the breadth of architectural customization choices, make Avalanche the perfect environment for a composable multi-chain future.
Supported by a global community of developers and validators, Avalanche offers a fast, low-cost environment for building decentralized applications (dApps). With its combination of speed, flexibility, and scalability, Avalanche is the platform of choice for innovators pushing the boundaries of blockchain technology.
