Numo is an onchain repo market for tokenized treasuries for which traders can borrow at a fixed rate against in FX stablecoins. This a first step to build an onchain fixed income markets for global FX.
There has been a surge of non-USD stablecoins such as MXNB and VCHF on Arbitrum. But stablecoins are incomplete financial assets. They require a yield curve for them to be useful to the global FX market. To create this yield curve, Numo has built an onchain repo market where traders can borrow non-USD stablecoins against tokenized US treasuries for a fixed rate and fixed term.