USD Coin (USDC), the stablecoin issued by Circle, will soon be available in the Cosmos ecosystem via the Noble network. The news was announced by the Noble development team in a blog post, which was also shared on Twitter by Circle.
According to the post, Noble will be the issuance platform for native USDC in the Cosmos and Inter-Blockchain Communication (IBC) ecosystem, which has never had a native, fiat-backed stablecoin that is highly liquid and fully collateralized.
We’re excited to bring USDC to @Cosmos! USDC is expected to launch on @noble_xyz soon, stay tuned for details. #IBC https://t.co/eqU8wno43F
— Circle (@circle) March 28, 2023
The integration will enable more than 50 IBC-enabled blockchains to access USDC natively issued on Noble, leveraging IBC that is simple, safe, and seamless. The move is expected to catalyze hundreds of millions of dollars in liquidity in Cosmos over the coming months and aims to rectify the challenges that users and appchains face when interacting with bridged assets sourced from other ecosystems. Noble aims to fulfill this critical need and plans to be the gateway for all digital assets coming into the IBC ecosystem.
The history of Noble dates back to last year when the company was operating in stealth mode as a collaborative effort between Informal Systems, Strangelove Labs, and Iqlusion. After Terra’s collapse in May 2022, the need for a large, trusted stablecoin in the IBC ecosystem became clear, which led to the development of Noble. Circle mobilized a talented group of people and devoted substantial resources to seeing native USDC issuance in the IBC ecosystem.
The goals of Noble are to offer a simple, effective, best-in-class UX, provide turnkey institutional-grade asset issuance, and simplify asset ownership and transfer within the IBC ecosystem. The company aims to bring the smooth UX of monolithic chains within the structure of a sovereign chain ecosystem. USDC is the first asset, and the company envisions many more.
In conclusion, the integration of USDC into the Cosmos ecosystem via the Noble network is a significant development that could bring hundreds of millions of dollars in liquidity to the ecosystem. With Noble planning to be the gateway for all digital assets coming into the IBC ecosystem, it will be interesting to see how the integration evolves and how it impacts the wider blockchain industry.
Read more:
- The Stablecoin War: USDC Vs. USDT – Who Will Come Out On Top?
- Circle Announces Successful Clearing Of USDC Minting And Redemption Backlog