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Introducing AnomaPay with Noble
Recorded: Aug. 28, 2025 Duration: 0:39:51Space Recording
Full Transcription
Music Thank you. Thank you. Music Thank you. Music Thank you. Thank you. All right, Hello, hello. I think we've got everyone here. How's everyone doing?
Hello, doing well.
Hey, Elena. How are you?
Good, good. How are you?
Good, good. Welcome to a special Stablecoin summer edition of Enoma Spaces.
Yeah, we've got a pretty stacked group today.
Thanks, everyone, for joining.
We've got Yelena, CEO and co-founder of Noble.
And from what I gather, one of the space's leading Stablecoin gurus.
Thank you. Thank you for being here.
We've got Adrian, co-founder of Enoma,
Maurice from the Enoma product team,
and MRG and Chimp Phone from the growth team.
Welcome, everyone.
Hello, hello.
Hello, hello.
Great to be here.
So, yeah, I think we're going to chat a little bit about all things stablecoins
and introduce the community to OnomaPay a bit,
which we'll be partnering with Noble at launch.
And towards the end, hopefully we'll have some time for
some questions from the enoma community um but before we dive in let's just see do we have everyone
adrian are you are you live here with us can you hear me yeah there you are nice yeah this actually
i don't know if mike is here yet mike i understand is babysitting at the moment, so he might be in and out.
But yeah, let's just dive right in.
So yeah, maybe, Yelena, you could just introduce yourself and Noble for those who aren't already familiar.
Amazing. Awesome. Okay. So great to be here. This Enoma Pay initiative is something I've been
really looking forward to. So I'm also excited to hear from the Enoma folks, you know, how you guys
see this developing in the long term. But basically, Noble is a purpose built
stable coin issuance chain. We started off, of course, in the Cosmos ecosystem as a layer one
chain. We are actually technically speaking the first ever purpose built stable coin layer one,
because of course, the stablecoins that we support are traditional
stablecoins. They're fully collateralized by treasury bills or cash deposits.
Of course, we started off with native USDC for the Cosmos ecosystem and since then have grown
the project considerably to support, of course, other assets. So we have Monarium's Euro,
we have Ando's USDY, and of course, we have Hashnets' USYC, and now the Noble Dollar built
on top of the M0 stack. So I can talk a little bit about the Noble Dollar as well. Basically,
USDN is a fully actually over collateralized stablecoin backed
by treasury bills held in remote special purpose vehicles around the world. And the stablecoin
USDN can be integrated by any protocol, including Enoma. Right now, of course, it's live on Osmosis, Neutron,
Sunrise, the layer one, and soon in the hyperliquid ecosystem. And of course,
Noble Dollar is live on the Noble chain itself. Basically, we are excited about Noble Dollar
because it is built with something called Composable Yield. So that T-bill yield that collateralizes
the stablecoin can be composed in a variety of ways, depending on kind of the protocol's needs.
So you could kind of take that, you know, 4.2%, that's the current rate and pass it off to end
users. You could use that for incentives and certain liquidity pools. You could, of course, take that as protocol revenue.
It's really a flexible token where that kind of safe, reliable yield component is applicable in a variety of contexts. So anyways, I could go on, but I did want to kind of highlight that portion.
And then, of course, the next thing that we're launching is the Noble App Layer, which will be a sidechain to Noble, where we could do a lot of the fun, exciting DeFi stuff
we've been dreaming about, because of course, Noble Core itself is highly, you know, minimalistic,
secure. Its entire purpose is for asset issuance and routing and things like this. So
a lot more where that came from, but I'll pause there. Thanks for having me again.
Nice. Thanks for that.
I think it's safe to say that Noble has been cooking on the stablecoin front.
Super exciting.
I think I saw recently that you guys passed $1 billion in USDN volume,
and that goes up to over $20 billion when you add in USDC, which is pretty impressive.
I didn't realize that about you guys
being the first purpose-built stablecoin L1, but it seems like there was a bit of prescience there
because it seems to be catching on, people realizing the value of having native purpose-built
stablecoin chains, right? Yeah, for sure. I mean, the other, obviously, others will say,
oh, well, Terra, they were also, of course, a layer one in the Cosmos ecosystem and they had their stablecoin UST.
Noble's entire design was for the purpose of issuing and proliferating real stablecoins that
are safe, collateralized assets throughout, of course, the IPC ecosystem and beyond.
So now, of course, you have other kind of examples of this. Some are more generalizable,
right? Some are kind of for the purpose of just building stablecoin apps.
That's basically what we're doing with the app layer.
Others are more like Noble, where they're for the purpose of, you know,
kind of being the hub for the issuance, for the minting, the burning,
redeeming the routing of a stablecoin, like, let's say, like a tether
in the context of Plasma.
So basically, you know, we were excited to have been
the first. Obviously, we have a three year head start, but I do imagine there'll be other really
interesting examples out there as well. Yeah, definitely. Very cool. I'd love to dive in a bit
more with the Noble Applayer, maybe a little bit later. But first, why don't we intro people to
AnomaPay? So yeah, I don't know if someone from the team wants to just give a quick overview of what AnomaPay is all about
and maybe how we landed on it as an initial app for the Anoma ecosystem.
I mean, I'm happy to say, can you hear me?
Yeah, we got you. Yep. Nice. Okay, I'm happy to say, can you hear me?
Yeah, we got you.
Yep, nice.
Okay, I'm finally in.
Yeah, so I mean, at least from like the growth BD and kind of market conceptualization, I've been spearheading EnomaPay somewhat.
So what is EnomaPay? I think like we identified that as Enoma and our first deployment, we have a lot of core competencies that we can bring to the market and be accretive to existing stablecoin providers and chains to bring enormous core competencies around cryptography,
but also around intents and liquidity to make those customer facing plays stronger as they go
to market. And really where the thesis is around that is in the first instance, if stablecoins are
really going to proliferate through the economy, as I think they're gaining a lot of steam, like post-Genius Act, and people are now genuinely looking at them outside of the crypto echo chamber, like merchants and day-to-day payments and integrating them with banks and all this good stuff.
Our core thesis is that you'll need some level of confidentiality to actually make these things work.
Obviously, you can't have your business data aired to the world.
You can't have your personal data aired to the world.
This just doesn't work in common practice.
So the Anoma deployment of AnomaPay will allow stablecoin chains
to have a confidential execution environment for their stablecoin transfers.
So again, this will allow us to make this much more of a usable product for businesses and real
world use cases. And then V2 down the line will introduce a liquidity router, which is, you know,
what we're seeing is there's a bunch of competitors or disparate stablecoins coming into the market.
A liquidity router simply allows you to use an intent-based system to say, transact from
one stable to another seamlessly and easily between chains.
So USDT to USDC is an example.
Some merchants or users may be using one or the other, and we want to help base layer chains that are for the stable coin purpose have the ability to transact in various currencies easily and make it easy for users and businesses.
So those are the two core plays of AnomaPay today.
Nice. Well, yeah, I know I'm a bit biased being on the Anoma team, but it seems pretty
timely. I feel like the sort of global stablecoin router approach with protection for sensitive
data is really super needed at the moment. But yeah, maybe Yelena, you could walk us
through, you know, given that you're probably the stablecoin expert here on the panel, like
how has the market for stablecoins changed over time since you first started building Noble?
And what kind of trends are you seeing with adoption today?
Great question.
There is a lot going on.
So obviously, it was already addressed that Genius passed a few weeks ago.
So just for those that probably don't know this, basically, even though it passed the Senate, passed the House, Trump signed it into law.
It will not actually take effect operationally for another 12 to 18 months. So basically, there's a lot of work to be done on the legislative side for there to be concrete rules on basically how to become a genius compliant stablecoin issuer.
So what does this mean? This means a couple things. One, you're going to see a lot of,
I would say, new entrants come into the space, looking to potentially get a license around stablecoin issuance,
so to be compliant within the context of Genius.
Maybe some of you saw this, maybe some of you didn't.
There was a development a couple of days ago in which M0,
so of course the stablecoin stack that we use for Noble Dollar,
they announced that they're working with Bridge, which of course the stablecoin stack that we use for Noble Dollar, they announced that they're
working with Bridge, which of course is a striped company, to basically become a minter of stablecoins
within the context of Genius. What does this mean? Within the context of Genius, there's going to be
a lot of rules and guidelines around, you know, custody and collateral, collateral management, right? So basically,
where are the T-bills living, you know, making sure there's no commingling of funds between,
you know, licensed stable coins and unlicensed stable coins, making sure that a lot of that
collateral is like domiciled, you know, within the US system. So basically, you know, there's
all of these interesting kind of developments happening
on the genius level, where you have, you know, everyone from, you know, protocols like, like
Noble and like M0, to, you know, call it, you know, incumbents like Stripe, to, of course,
the banks, you know, basically trying to figure out what is their approach to, you know, stable
coin issuance within the context of genius. And,
you know, everyone's working on it, but basically, nothing will really be call it like solidified
until the guidelines are set by an agency called the OCC, the Office of the Control of Currency
in the US. So, you know, not to kind of belay this point and kind of continue talking about the significance of genius.
But the point to make is because you have this like very, very, very like significant piece of legislation that will, you know, that is law and will become operationalized within the next year or so.
That is now forcing other jurisdictions to basically have a strategy around stablecoins because they all see it as a potential threat to their currency market if you now all of a sudden have a super, super, super seamless access to various compliant dollar stablecoins.
and dollar stable coins.
So, you know, you're seeing this in Korea,
you're seeing this in Japan,
you're seeing this in Canada even,
you're seeing this, you know, in many other places.
So it's very exciting because I think a lot of,
like, stakeholders, you know, both crypto projects,
like Noble, but of course even, like, you know,
the big banks are basically in real time
trying to figure out, like, how to, you know, the big banks are basically in real time trying to figure out like how to take advantage of this opportunity.
Oh, yeah, that's that's a huge download, but super fascinating.
I mean, do you have any sort of personal thoughts on how it might play out from here with with with all that you just shared?
that you just shared? Well, I just, I think that there'll be basically, you know, basically a lot
of interesting companies being formed around issuance. You know, of course we have Circle,
of course we have Tether, of course we have Paxos, we have these incredible existing companies, but
you'll just see, I think, a lot, a lot more, you know, happening on that front. And then from there,
it's all downstream, you know, to the apps,
right, to, you know, to the anomalies of the world that provide a very needed, you know, service
or product for for these issuers, like privacy, right, like the interoperability, like the
routing, you know, like these kind of info components that we've long talked about within
the crypto space. So, you know, it's interesting to see this happen again in real time.
Yeah, yeah. So, I mean, if we're looking at a world where, I don't know, you know, hundreds of stable coins,
you know, there's a new one launched every day, a new issuer.
Like, how are you, you know, at Noble thinking about sort of the user experience there, interoperability and this sort of like, yeah.
Yeah.
I mean, so Noble, again,
we've been building this purpose-built infrastructure
for stablecoins, you know, for almost three years now.
Right.
And so our entire thesis, of course, has been, you know,
one, that, you know, chains and the kind of,
the app chain ecosystem will take off.
There will be fragmentation, whether it's what we saw in the early days of Cosmos or what we're seeing within, you know, the L2 space and, you know, theorem space and beyond.
to the ecosystem of many application-specific blockchains and many roll-ups and many distinct
execution environments from the perspective of stablecoin liquidity and stablecoin issuance.
So that is still happening, right? We're still getting... The ecosystem is still becoming
increasingly, I guess, sovereign and decentralized from an app chain numbers perspective, I guess.
Whether the app chains themselves are decentralized, like a whole other discussion.
So that's continuing and Ennoble will continue to service that need. But I guess like on the
flip side, what you're going to get in the call it, you know, let's say traditional compliant
genius world is also in some sense fragmentation, right? You're going to have, you know, many new
stable coins that are genius compliant being issued. You're going to, of course, have non-US
dollar stable coins that are being issued around the world by various, you know, in various
jurisdictions. And so we want Noble to continue to be, of course, a destination for the routing, the minting, the burning, and of course, volume, and all of those coins need to efficiently,
you know, reach their destination and have a secure, you know, point of origin for, you know,
minting and for redemptions and for integrations, you know, then of course, Noble will continue to
service that need. And of course, we have, you know, we have Noble dollar, which which we're
very excited about as a as a new call it type of, you know, a new a new kind of way of thinking about stablecoins because we have that composable yield component.
But of course, we're also still excited to support other stablecoins that come to market that are kind of well integrated into various applications and use cases. So, you know, our entire thing is let's build a purpose built infra in a way that can service a wide variety of use cases, a wide variety of realities too,
such that, you know, when Genius passes, you know, when we see kind of the new wave of like
non-USD stable coins taking off, Noble can, of course, service them from an issuance infra
application perspective. And of course, that also from an issuance infra application perspective.
And of course, that also includes like working with folks like Enoma, right?
Like, you know, because there are components that quite simply, you know, we will not be
building ourselves, right?
Like the privacy elements, you know, or like the, you know, some certain intent based workflows
and things like this.
So it's very exciting to be able
to be in this position where we can work with so many different stakeholders, whether that's on the
crypto side or, you know, on the more compliant side. And it's a lot of fun. Yeah, absolutely.
Well, I definitely want to dive a bit more into the EnomaPay side in a second here. But I'm curious,
bit more into the EnomaPay side in a second here, but I'm curious, just given that context there,
sort of where you are seeing the most sort of emerging demand coming from for stable coins.
Sorry, who's that a question for? Mostly for you. Okay. Okay. Sorry. So yeah, emerging demand. I mean, listen, like I think
payments and like, this is why EnomaPay is like such an exciting, like initiative payments. Like,
yes, you know, I'm trying to get smarter on payments every single day. There's different
types of payments. I think that, you know, even still, like there are, we'll call it like friction points
with, you know, with, with like stable coin payments, whether it's things like on ramping
into the stable coin in the first place, right? Whether it is having the correct kind of UX,
correct kind of UX, whether it is, you know, again, like having a call it like an anchor
product that like folks kind of rally around like the equivalent of a Venmo in the US. It's still
very fragmented, I would say when it comes to stablecoin payments. So a lot to be done there.
That's an emerging use case that will just like continue to kind of be the reality.
I do think that, of course, like non-USD stable coins, again, like right now the market is like 99% US dollar denominated.
That's like not realistic division. and where, you know, currency flows actually happen, where you do have a lot, you know,
where it's like the euro is the second largest,
you know, currency by, you know, volume.
And then, of course, you have the yen and you have others.
And so I would say things like Forex,
things like, you know, crypto native, you know,
apps around things like, you know, maybe remittances or again, payments around non-USD stable coins as well,
I think are still very much needed.
And then I guess the other one is, this is kind of an obvious one, but uncollateralized
lending with stables, I think is also really interesting. It's still a hard problem to solve
because we don't have primitives on chain that on chain that are well developed that can make that
like happen easily like things like around digital identity and and other things but
but yeah i would say those are all interesting things that i'm kind of looking at
exciting stuff um so yeah maybe you know adrian or mike if you have thoughts on like
i guess where a noma pay fits into this landscape that Yelena just described.
Sure. I mean, I can. And that was super comprehensive. Thanks for that. a layer deeper, like less focused on the end customer and channels and distributions and more
focused on, you know, honestly, what I would say is the interconnectivity or like the capital
markets aspect, which, you know, in crypto world, we call this like an intent router
in the background. But, you know, just picking up on what Helena was saying, you have so many
providers now and even more in the future that are launching their own stablecoins.
They have their own chains.
They live in different environments.
Realistically, the traditional crypto liquidity pool model will never scale to this.
It's just super capital inefficient.
to have way too much friction to really get an end experience for users, institutions,
merchants, or anyone on scale to use this in our view.
So I think at the end of the day, you can think of an intent router almost like a nascent
FX market, right?
Like you have market makers or solvers that will quote on certain pairs.
These are obviously tight spreads, competitive, having a full set or a critical mass of these parties
allows for competition.
And similar to what we see right now,
spreads will be quite tight to liquidity
to various coins across different chains.
And this will really create an interconnectivity layer.
Similar again to like the capital markets for FX today,
if you want to do transactions in various currencies, you can use a bank or a broker dealer to facilitate those and provide liquidity on both sides.
This is creating the same thing in a stablecoin sense. or the plumbing, you know, easy, accessible and scalable for all these different players
coming into the market and allow these to really scale into real world opportunities.
So I think like with this space booming so quickly and so many new entrants, I think
that play becomes more and more relevant as, you know, if you don't have connectivity
and you don't have
liquidity for your offering, you'll just get pigeonholed. And it'll be really hard to grow,
it'll be really hard to compete, it'll be really hard to, you know, make any moves versus kind of
larger chains. So I think that's where NomaPay can really shine, building this kind of nascent
FX market in the background for all these stable chains. And then again, as I mentioned earlier, the confidentiality angle. So, you know, with
all these, you know, and I want to kind of draw a line between privacy and confidentiality and
what that means. Like we believe in data protection. We believe,, as I said earlier, any real-world use case
can't have full transparency to the world to actually be a serious thing. So again,
us selling this confidentiality layer, I think, is another thing to really, stablecoins being
taken seriously by people outside of crypto. And we've been playing with
a lot of different variables of what that looks like. Probably at the start, it's some form of
just private transfers, but you can kind of toggle the variables on either end as the space evolves
and people have more demanding restrictions. And we've looked at stuff like allow lists and KYC lists, and you can
actually toggle from what lists and what geographies that you do business with or what
suppliers. And we can kind of program that all for people. So again, I think it's all about making these solutions fit for the businesses of the
future and not just kind of the crypto use cases today that where NomaPay is going to try and shine.
Nice. That was a nice download there. I know Yelena, you have to jump at the hour, but maybe
you want to share some last words, maybe what folks can look forward to with Noble and the app layer and everything you guys have going on.
Yeah, yeah.
Thank you so much for having me.
So we're launching the app layer in a few months, basically Q4.
basically Q4. And we're launching the app layer with what we're calling like flagship applications
that Noble is both building in-house and that we're partnering with other folks on.
So you can kind of look forward to that. We ran a campaign a couple months ago throughout this year
around Noble Points. So there'll be updates on what Noble Points mean for folks.
And yeah, we're just, you know, obviously really excited to work with a variety of,
you know, crypto builders like you guys to just make stable coins more useful
and practical and delightful to interact with.
And excited to see, yeah, like how the confidential stablecoin element,
like around privacy will allow us to, you know,
onboard new types of partners, right. That, you know, do care about,
you know, data privacy and things like this. And yeah,
I guess like stay tuned for more updates there.
Thanks so much for having me. Nice, exciting stuff. Well,
thanks so much for joining and yeah, speak to you soon. Cheers.
Thanks, Elano.
Yeah, I think maybe we could dive in a bit more to EnomaPay, sort of what it's going to look like
under the hood, how we see it working, you know, technically.
I know we have Maurice on,
who is very involved on the product side.
So yeah, Maurice, what does it look like?
Sure. I hope you can hear me well, guys.
I hope I'm not boring you to death now
with the technical side,
but it's really, really exciting for us to finally release this technology.
We've been working on this since a long time.
And there are basically three components you can think of that power EnomaPay.
The first component is what we call the protocol adapter.
It's a set of smart contracts that you deploy on whatever chain you want to execute transactions
The second component is the web application itself with some really interesting innovation around UI and UX, especially for
how we manage different involved key pairs that are relevant for different parts of the
cryptography in the system.
And then the third component is what we source
from our colleagues over at Risk Zero right now.
It's our approving system.
We are currently powering our application
with the Risk Zero backend, which is really, really cool.
And they have some incredible innovation going on on their end.
And yeah, you folks have already mentioned a bunch of really cool features.
And I think for me personally, two things stand out.
One thing is definitely the protocol adapter and the way that this set of smart contracts
is basically emulating our own virtual machine,
the Enoma resource machine.
And it's just a really, really interesting technology if you think about how we innovate
in the virtual machine and how we basically bring intense and declarative transactions into existing systems by just retrofitting them with these smart contracts.
And what this allows for is something like what Mike just mentioned, which is like, you just called these signatures,
these receiver signatures.
You can basically specify as the recipient of a transaction
what is your allow list,
what kind of resources or assets you want to receive.
And this is just sort of a side effect
of this declarative model that we've been working on
for such a long time.
So seeing this all come together in this application
is just really, really cool.
Yeah, that's cool.
That's exciting stuff.
I'm curious if you can share a bit about sort of the goal for the user experience.
Like what could a potential user flow look like for someone interacting with the Anomapay app?
Yeah, of course, we're trying to adapt to the most modern standards here.
we're trying to adapt to the most modern standards here.
And I think there are some really, really great examples out there
that users have been enjoying for some time now.
I think my personal favorite user experience from this cycle
is probably over at Infinex with,
like for me at least, it was the first time
that I really saw how passkeys are used
for account creation, login, authentication.
And I know that other people have been working on this too.
I'm really excited about what's happening
with the guys over at Portal, for example.
And we're just trying to take these benchmarks and just apply sort of our edge.
And I think that's still in the cryptography space.
And if you compare other applications that are leaning into this, I think we're already miles ahead in terms of UI and UX
and what I mentioned before,
how we allow users to completely abstract the key management
for all of these really complex cryptographic tasks
that are going on in the background.
Yeah, absolutely.
And I think one of the things that also excites me is this idea that I, as a sender, can send
my preferred coin from my preferred chain, and my recipient also has a choice there,
they can choose to receive it how they want on their end, right? Which is super interesting, I think.
Absolutely.
And I think this is such an unlock if you think about the B2B institutional angle. regulation and compliance and specifying these sort of allow list type signatures
and allowing the user to really just customize them to whatever extent they want.
I think that's just really, really powerful.
Nice.
Well, thank you.
I think we went a bit over time here.
We booked 30 minutes, but thanks everyone for joining and for staying with us a bit over time. Yeah, more to come. Exciting stuff. Please look forward to more news from Enomape. And yeah, enjoy the rest of your summer for those of you in the Northern Hemisphere.
Thanks. Thank you so the northern hemisphere. Thanks.
Thank you so much.
Cheers.
Bye.
Bye. Thank you.
