Nonco Brings Institutional FX Liquidity On-Chain, Powered by Avalanche

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.

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 Blockchain Network

Avalanche is a high-performance blockchain platform designed for builders who need to scale. Engineered with a revolutionary three-part Layer 1 (L1) architecture, Avalanche is anchored by its Avalanche Consensus Mechanism, ensuring near-instant finality for transactions. The platform also features an open-source Layer 0 (L0) framework, enabling the seamless creation of interoperable Layer 1 blockchains with high throughput on both public and private networks.

Supported by a global community of developers and validators, Avalanche offers a fast, low-cost environment for building the next generation of decentralized applications (dApps). With its unique blend of speed, flexibility, and scalability, Avalanche is the preferred choice for innovators pushing the boundaries of blockchain technology.

Website | Whitepapers  | X  | Discord | GitHub | Documentation | Telegram | Facebook | LinkedIn | Reddit | YouTube

SHARE //
NEXT UP//
Builders

From Idea to Testnet in 10 Weeks: What We Learned from Codebase Cohort 2

Institutions

Watr Launches an Avalanche L1 to Power the Future of Onchain Commodities

Institutions

Nonco Brings Institutional FX Liquidity On-Chain, Powered by Avalanche

Avalanche L1s

Gelato Expands Its Developer Platform to Offer Avalanche Layer 1 (L1) Blockchain-As-A-Service Targeting Enterprises

Builders

Web3 Evolution: How Blockchain Will Shape the Future of the Internet

Platform

Avalanche Octane: Optimizing C-Chain Fees and Gas Target

Builders

Announcing the Ultimate Guide to Becoming a Blockchain Developer

AvaCloud

AvaCloud Unveils eERC: Revolutionizing Blockchain Privacy with Encrypted Confidential Transfers

Builders

How a Chance Meeting at the First Avalanche Summit Created GoGoPool

Enterprise

Dantewada District Administration Launches Blockchain-Secured Land Record Application

Art & Culture

Tixbase Migrates to Avalanche and Announces Global Festival Partnerships

AvaCloud

Jiritsu Network: Revolutionizing Real-World Asset Management - AvaCloud Case Study

Builders

The Avalanche Foundation Announces the infraBUIDL(AI) Program Committee

Gaming

Avalanche Web3 Game, Haunted Space, Launches on XBOX and Playstation in Growing Trend Towards Mainstream Console Adoption

Community

Avalanche Card Launches, Broadening Everyday Crypto Use in Regions with Banking Challenges

Gaming

Gaming Industry Veterans Unite [ Rovio, MiniClip, Jagex, Kwalee-] to Launch Web3 Gaming Ecosystem on Avalanche Layer 1

Builders

A Founder’s Guide to Preparing for Codebase

Builders

How A Seasoned Investor Is Navigating Early Stage Web3 Opportunities in 2025

Avalanche L1s

Inversion to Launch Avalanche Layer 1 to Radically Accelerate Mainstream Crypto Adoption

Enterprise

Japan’s MUGEN Chain on Avalanche Records 1M Transactions in 1 Month

Avalanche L1s

Kite AI to Launch the First Avalanche L1 Artificial Intelligence Platform

Builders

Optimizing Gas Fees: Cost-Efficient Strategies for Developers

Community

Builder Spotlight: Colony Lab Democratizes Early-Stage Investment

Enterprise

Introducing Quboid: The Next Generation of Loyalty Management

Gaming

LEVR Launches the First Leveraged Sports Betting Platform on Avalanche

Builders

The Key to Building a Successful Web3 Company? Pick Your Cofounder Wisely

Builders

Blockchain Data Management: Techniques for Efficient Data Storage and Retrieval

Builders

How to Build Cross-Chain Applications

Builders

Builder Spotlight: BitNote Builds a Safe Place for Your Most Sensitive Data

Builders

Avalanche Foundation Partners with Aethir to Fast-Track infraBUIDL(AI) Grantees into Aethir’s $100M Ecosystem Fund

Builders

Smart Contract Essentials: Avoiding Common Pitfalls

Builders

Startup Incubator Codebase by Avalanche Announces Season 2 Winners

Institutions

Avalanche Momentum Accelerates as Galaxy, Dragonfly, and ParaFi Participate in $250M Token Sale In Support of Avalanche9000 Upgrade

Education

Peering Into the Future of Blockchain: 2025 Trends

Gaming

Otherworld Brings ‘Solo Leveling’ Anime Series Digital Collectibles To Avalanche

Builders

The Avalanche Foundation Launches infraBUIDL(AI) Program with up to $15M in Developer Funding

Builders

Etna: Enhancing the Sovereignty of Avalanche L1 Networks

Events

Summit Highlight Series: Institutional Blockchain Adoption

Platform

Avalanche9000 Testnet Launches with up to $40M in Retroactive Rewards

Events

Summit Highlight Series: Community & Culture

Events

Summit Highlight Series: Gaming Goes Mainstream

Education

Startup Incubator Codebase Announces Season 2 Cohort

Enterprise

Uplink to Launch First Decentralized Physical Infrastructure Network as an Avalanche L1

Institutions

Tokenization 101: The Institutional Tipping Point For Tokenization

Art & Culture

Suntory Group to Launch Tokenized Premium Malt’s Beer on Avalanche Blockchain

Institutions

BlackRock Launches Digital Liquidity Fund BUIDL on Avalanche via Securitize

Community

MeWe to Launch Privacy-Focused Decentralized Social Network on Avalanche

Enterprise

Can Blockchain Unlock True Fan Ownership in Sports Through Tokenized Equity?

Institutions

AvaCloud Selected to Participate in Kinexys by J.P. Morgan’s Project EPIC – Exploring Privacy and Identity Solutions for Institutions

Enterprise

Uptop Leverages Avalanche to Transform Fan Loyalty

Enterprise

StraitsX Leverages AvaCloud and Avalanche to Simplify Cross-Border Payments in Southeast Asia

Events

Summit Series: Why We Chose Latin America for Avalanche Summit

AvaCloud

AvaCloud Ushers in New Era of Blockchain Privacy with Acquisition of EtraPay and Launch of Privacy Suite

Enterprise

Blockticity Develops Global Trade Verification Standard Using Avalanche

Gaming

FCHAIN Launches as an Avalanche Layer 1 to Power Faraway Gaming Ecosystem

Community

The Arena’s Comeback: SocialFi App on Avalanche Secures $2M Pre-Seed Funding and Plans Mainstream Expansion

Community

Avalanche Summit Admission Is Free for Developers in Latin America. Here’s Why:

Community

Between the Sessions: What to Do and See at Avalanche Summit LATAM

Institutions

Colombian Neobank Littio Leverages OpenTrade to Offer Interest-Bearing USD Accounts to Local Customers via Avalanche Network

Gaming

3thix and Avalanche Unite to Democratize Web3 Gaming Economy For Advertisers and Improve Experience For Consumers

Platform

Retro9000, a $40M Grant Program, Rewards Developers Building Avalanche L1s

Platform

Building on Avalanche9000

Institutions

ParaFi Tokenizes Fund on Securitize Platform with Avalanche

Institutions

Legendary Pressman Film Leverages Republic Investment Platform and Avalanche Network to Transform Independent Film Financing

Platform

GoGoPool: Driving Security, Community, And Liquidity On Avalanche

Builders

The Avalanche Foundation Announces the infraBUIDL() Program

Art & Culture

Tixbase Enters Exclusive Partnership with PASSO to Revolutionize Ticketing with Avalanche Blockchain Technology

Institutions

Franklin Templeton Launches Tokenized Money Market Fund BENJI on the Avalanche Network

Art & Culture

TYB and Shopify Bring Web3 Loyalty Platform to Major Consumer Brands, Powered by Avalanche

DEFI

Agora Launches Its Digital Dollar on the Avalanche Blockchain Network With Initial Cohort of Partners

Builders

Codebase Incubator Opens Season 2 Applications In Search Of The Next Generation Of Web3 Founders Building On Avalanche

Institutions

Tokenization 101: Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Enterprise

California DMV Makes History, Digitizes 42 Million Car Titles on Avalanche Blockchain

Community

Avalanche Foundation: The Community Airdrop

Enterprise

Builder Spotlight: The Lemonade Foundation and Insuring Smallholder Farmers with Avalanche

Gaming

OtherWorld’s New Digital Collectibles Platform ‘Solo Leveling: Unlimited’ Launches on Avalanche, Bringing the Mega-Hit IP On-Chain

Gaming

Konami Digital Entertainment Co., Ltd. Unveils Groundbreaking NFT Solution "Resella" in Collaboration with Ava Labs

Builders

AVAX Startup House Hosts Codebase Demo Day at Consensus

Avalanche Watch: May 2024

Community

The Avalanche Ambassador DAO Launches Snowfort, the AVAX Community Bounty Platform

Institutions

Institutional Products, Pilots Signal Growing Interest in Tokenization

Institutions

Tokenization 101: Institutions Leverage Avalanche to Test Merits of On-Chain Finance

Platform

Icebreaker Program: Phase One Update

Gaming

LiveDuel Brings Web3 Sports Betting to Avalanche

Gaming

Elixir Games Announces Acquisition of RoboKiden and Strategic Partnership with Ava Labs

Art & Culture

Artist Spotlight: Ed Balloon Blending Web2 and Web3 at Avalanche Park

Gaming

Gamestarter introduces ‘GameChain’ powered by Avalanche

Institutions

Wine Capital Fund Leverages Oasis Pro and Avalanche to Make Fine Wine an Investable Asset Class

Community

Introducing Core’s Airdrop Tool: A Free Way to Distribute Tokens and Reward Your Community on Avalanche

Art & Culture

Salvor Secures Avalanche Rush with a $1M Incentive Grant to Build Out Avalanche’s Prime NFT Lending Platform

Avalanche Watch: April 2024

Gaming

Avalanche & Funtico: Revolutionizing Gaming on the Blockchain

DEFI

The Avalanche Foundation Announces Memecoin Rush

Platform

BitNote Launches Encrypted Notes on Avalanche

Builders

Frosty: Bringing Strong Liveness Guarantees to the Snow Family of Consensus Protocols

Enterprise

Really Launches Avalanche Subnet to Expand Reach of On-Chain Movies

Enterprise

Avalanche x Seedhe Maut: Revolutionizing the Fan Engagement Economy with Metasky

Enterprise

stc Bahrain and Avalanche forge partnership to drive Web3 progress in the Middle East

Enterprise

Feature.io Uses Avalanche-Powered API to Bring Web3 to Any Streaming Platform or Media File

Institutions

Homium Issues First Home Equity Loans on Avalanche