Pyth Network has launched multiple forex on-chain real-time prices, further building a borderless global financial market.
Pyth Network has launched multiple on-chain real-time prices for forex, including emerging market currencies such as the Chilean Peso, Colombian Peso, and Indonesian Rupiah. This initiative breaks the monopoly of banks and institutions on forex data, drops the cost of access, and promotes DeFi innovation. DeFi protocols can utilize this data to build forex derivations, stablecoin applications provide fairer Exchange Rate conversions, and businesses can hedge currency risks without bank support, connecting DeFi and the TradFi system, realizing the vision of a borderless global financial market.