Circle and Noble did not provide a particular date for the launch of USDC on the network, but both advised users to “stay tuned.”
The Noble team announced that the USDC would become the first “native, fiat-backed stablecoin that is highly liquid and fully collateralized” on a Cosmos Inter-Blockchain Communication Protocol-connected network. They believe that the fiat-backed stablecoin’s introduction will resolve many of the obstacles that Cosmos users currently encounter when attempting to transfer assets from one network to another.
According to the team, this integration will increase liquidity in Cosmos by hundreds of millions of dollars over the coming months. It will aim to resolve the problems that users and appchains confront when interacting with bridged assets acquired from other ecosystems. Noble meets this crucial need for every blockchain to have a canonical and fungible version of USDC.
Cosmos is an interlinked web of blockchain networks utilizing the Tendermint Byzantine fault-tolerant consensus protocol, Application Blockchain Interface, and Cosmos Software Development Kit, according to a description on the official Cosmos website. The networks are linked via the Inter-Blockchain Communication Protocol (IBC), which enables the transfer of assets between networks within the Cosmos ecosystem.
According to Minscan, Noble is one of over 50 networks that comprise the Cosmos IBC ecosystem.
Injective Protocol created a $150 million fund in January to encourage the Cosmos ecosystem’s user adoption. Kraken Ventures, Pantera Capital, Jump Crypto, and other well-known blockchain venture investors supported it. In February, the Cosmos Interchain Foundation contributed an additional $40 million to enhance the ecosystem’s fundamental infrastructure and applications.