The Noble development team announced in a blog post that USDC would soon be accessible in the Cosmos with the Noble network.
Circle Announces Cosmos USDC Launch
Circle, a USDC issuer, tweeted about the news. The debut of USDC on the network was not made official by Circle or Noble, but both advised readers to “keep alert.”
The Noble team stated in its release that USDC would be the first “native, fiat-backed stablecoin that is extremely liquid and entirely collateralized” on a Cosmos Inter-Blockchain Communication Protocol-connected network. It claims that the launch of the fiat-backed stablecoin will address many of the difficulties users of the platform now face when attempting to transfer assets between networks, as follows:
“This integration will catalyze hundreds of millions of dollars in liquidity over the coming months in Cosmos, and will seek to rectify the challenges that users and appchains face when interacting with bridged assets sourced from other ecosystems. […] Every blockchain needs a canonical and fungible version of USDC, and Noble exists to fulfill this critical need.”
About Cosmos
Using the Tendermint Byzantine fault-tolerant consensus protocol, Application Blockchain Interface, and Cosmos Software Development Kit, the platform is described as a network of interconnected blockchain networks. The Inter-Blockchain Communication Protocol (IBC) connects the networks, enabling asset transfers between networks within its ecosystem as a whole. According to Mintscan, the IBC ecosystem includes more than 50 networks, including Noble.
Injective Protocol unveiled a $150 million fund in January to encourage platform ecosystem user adoption. It was backed by organizations with a track record of funding blockchain ventures, including Kraken Ventures, Pantera Capital, Jump Crypto, and others. The Interchain Foundation provided a further $40 million in February to create the ecosystem’s essential apps and infrastructure.
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