Bringing The World’s Largest Market On-Chain

The promise of blockchain has always been change.

New opportunities. New connections. Faster transfer of value, with more transparency and fewer middlemen.

15 years on from the mining of the Bitcoin genesis block, and finally this technology is being adopted by some of the world’s biggest financial institutions. The growth of stablecoins has helped precipitate this paradigm shift, enabling the world’s fiat currencies to move on-chain to the tune of $3 Trillion of value by 2028.

And today we’re thrilled to announce that Xave is coming out of Beta to bring the world’s single largest financial market on-chain after processing more than $50M of stablecoin volume and 11,000+ FX swaps.

Foreign Exchange: $7.5 Trillion of Volume Per Day

Foreign exchange (FX) powers the world’s economy. The largest liquid market on earth, FX underpins the world’s capital flows across every industry and between every country. Trade finance, remittance, B2B payments, all the way down to taking money out of an ATM when you land in a new country.

This massive volume is already moving on-chain. Central banks have begun moving Trillions of dollars on-chain. Stablecoin issuers are bringing the world’s currencies and real world assets (RWA) on-chain.

Just like in the fiat world, FX requires purpose-built products to function on-chain. Stablecoins are the vehicle for moving value, but until now there hasn’t been a marketplace to handle the nuances of cross-currency settlement. And so we built Xave.

Introducing Xave: The FX Market for Blockchains

Xave builds liquid FX markets for blockchains, using our custom FXPools designed to the specific requirements of foreign exchange. We’ve spent the last year building our platform alongside the global leaders in stablecoin issuance: Circle, StraitsX, Stasis, and others who have done the hard work of navigating global regulatory requirements to build products that the world’s largest financial institutions integrate.

Xave’s FXPools use the innovative liquidity pool technology of our partner Balancer, employing a proprietary bonding curve and market incentives to provide zero slippage FX swaps.

FX prices are unique within the world of DeFi, as currency prices are set off-chain in TradFi markets. Xave works with industry leader Chainlink to pull these prices on-chain and ensure consistently accurate price quotes.

We’ve worked hand-in-hand with our stablecoin partners and industry leaders like Balancer and Avalanche to ensure that Xave meets the needs of not just the DeFi industry, but the world of traditional finance. Xave is built to bridge the gaps that have kept this market on the sidelines, and 2024 is the start of massive FX capital flows moving on-chain.

Public Launch

All of this is only possible thanks to Blockchain, and we strongly believe in that original ethos of change. That’s why we’ve built Xave to let everyone participate in the ownership of on-chain FX. And starting December 20th, everyone can.

Xave’s governance token XAV will be available in limited quantities via an LBP (liquidity bootstrapping pool) on Balancer’s official launchpad partner Fjord Foundry. This is an early chance for the public to get in on the ground floor as the $7.5 Trillion daily FX market moves on-chain.

Join our LBP on December 20th at 12am (GMT) here:
https://app.v2.fjordfoundry.com/pools/0x5c9A1A91E25de3d5cCBe9E0d75Dca5Be5C0b0018