USD Coin (USDC) will quickly be obtainable within the Cosmos ecosystem via the Noble network, in response to a weblog submit from the Noble improvement staff. The submit was shared on Twitter by USDC issuer Circle.
We’re excited to carry USDC to @Cosmos! USDC is predicted to launch on @noble_xyz quickly, keep tuned for particulars. #IBC https://t.co/eqU8wno43F
— Circle (@circle) March 28, 2023
Neither Circle nor Noble gave out a selected date for USDC’s launch on the network, however each mentioned that readers ought to “stay tuned.”
In its announcement, the Noble staff mentioned that USDC would be the first “native, fiat-backed stablecoin that is highly liquid and fully collateralized” on a Cosmos Inter-Blockchain Communication Protocol-connected network. In its view, the introduction of the fiat-backed stablecoin will resolve most of the challenges that Cosmos customers at the moment have when attempting to bridge belongings from one network to a different, explaining:
“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.”
Related: Mastercard to settle transactions for USDC in APAC
According to a proof on the official Cosmos web site, Cosmos is an interconnected net of blockchain networks that use the Tendermint Byzantine fault-tolerant consensus protocol, Application Blockchain Interface and Cosmos Software Development Kit. The networks are linked via the Inter-Blockchain Communication Protocol (IBC), permitting them to maneuver belongings between networks inside the general Cosmos ecosystem.
Noble is certainly one of greater than 50 networks within the Cosmos IBC ecosystem, in response to Mintscan.
In January, Injective Protocol launched a $150 million fund to advertise consumer adoption of the Cosmos ecosystem. It was backed by Kraken Ventures, Pantera Capital, Jump Crypto and different companies recognized for investing in blockchain tasks. In February, the Cosmos Interchain Foundation allotted one other $40 million to develop core infrastructure and purposes for the ecosystem.