Can the encryption disable the foreign exchange market of $ 7 trillion? This young woman has a stablecoin plan

Fernando Martinez speaks like the man who has already seen the future. In that, Swift, correspondence networks used by thousands of banks around the world to give instructions to transfer money between accounts, outdated. He insists that the global foreign exchange market must work on Stablecoins, and coins cryptocurrencies are usually linked to Fiat -like currencies like the US dollar.

These condemnations support his company, Nuno, based in Miami. It was founded in 2023 as a rotation of Hong Kong Crypto Exchange OSL, she has grown quietly to become one of the largest digital asset trading companies that you have not heard before. With additional offices in Mexico City, where the headquarters of Martinez, Sao Paulo and London are located, the company serves more than 350 institutional customers, from ETF exporters to investment giants such as Pantera Capital and Coinfund, and have been treated more than $ 30 billion in size last year alone. She raised $ 10 million in investors including Valor Capital and Hack VC and has been profitable at an early age. Now Martinez wants to follow a more introductory thesis than just trading.

He and his team understood that although the industry obsessed with the construction of the new Stablecoins and the chase of the return, the real bottle neck was plumbing. Companies like Bridge acquired from Stripe, which help companies accept Stablecoin, or Félix Pago, which is a transfer application that allows users to send money via WhatsApp, and they had technology, but they still have to move in segmented local markets to actually move money. So Nonco focused on providing local currency liquidity in Mexico, Brazil and Colombia. I immediately gained traction.

“The Stablecoin market ceiling decreased from 5 to 10 billion dollars in 2020 to more than 230 billion dollars now. The only thing that has not evolved is liquidity around local currencies,” Martinez explains. “All of these companies had to go to the same local stock exchanges to reach liquidity, but they didn’t have enough to meet the increasing demand. This is what we started to attack.”

Now, NonCo takes its next tap: FX commercial cycle automation with smart contracts and atomic bodies. The company launches this week FX On-Chain, a Blockchain foreign exchange protocol in Avalanche. They are automated by transfers between the local and USD currency, such as USDC, USDT and AUSD, providing almost transparent and cheapest batches. At the present time, Paisu’s husband begins with the US dollar to what, but he plans to add the US dollar to the real Brazilian, the euro to the dollar and other groups soon.

The idea is to use the non -faced Stablecoins of the US dollar, not as the origins of consumers (the reason why it constitutes less than 5 % of the STADCOIN market of $ 235 billion, according to Martinez), but as an invisible bakery to move dollars inside and outside the emerging markets. Martinez says: “No one wants a real Mexican Bizo or Brazilian, people want dollars and come out,” Martinez says. “But if you use [local stablecoins] Behind the scenes to operate the system, then you start getting a real use of them. “

Sending money via Stablecoins is usually a multi -step process: open an Excination account, or pass Kyc or “Get to know your customer”, buy Stablecoins, transfer it, sell it to get FIAT, then withdraw, and I hope that nothing will break anything along the way. Nonco removes this friction for institutions with a fully automated system. When a company like Banco azteca, which deals with 40 % of the Mexico transfers market, or Félix Pago wants to transfer money to users, it will simply have to deposit the local currency. This is converted into a local stablecoin, then into a major US dollar like USDT or USDC, and it is delivered to the opposite limb portfolio. The same process works in the opposite direction of drainage. It looks so much, but Nonco technology is automated. For the final user, he will feel a simple bank transfer or WhatsApp message.

Nonco has also received a VANECK investment, which runs more than $ 110 billion of assets, to support its growing operations (the amount has not been revealed). “Stablecoins is faster, cheaper and many clear things that we know in dollars, and we believe that the FX project on the series that NonCo is working on can really help and expand it,” says Kyle Dakrz, director of digital asset products in Vanck.

Martinez is not just a building to mobilize encryption. He is trying to bridge the old and new world. The FX market, which turns into more than 7 trillion dollars per day. Most of the trading occurs within a narrow window, Morgan Krobtski, head of institutions and capital markets of AVANS (Avalanche Company), often suffers. “Nonco aims to change this and its plans to be the only liquidity provider, but to invite large traditional liquidity providers such as Citi or Citadel Securities to bring FX prices of institutional degree, and this platform will allow them to do this without the need to build a lot of infrastructure for themselves.”

Editor Note: The story was updated to determine that Citadel Securities, the market maker, not Citadel, the hedge box, was referred to.