USD Coin (USDC) will soon be available on the Cosmos ecosystem via the Noble (STAKE) network, according to a post from the Noble development team. The post was shared on Twitter by USDC issuer Circle.
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
Neither Circle nor Noble gave a specific date for USDC’s web launch, but both said readers should “stay tuned” to that information.
In your ad, Noble’s team claimed that USDC will be the first “native, fiat-backed, highly liquid, fully collateralized stablecoin” on a network connected to Cosmos IBC. In his opinion, the introduction of the fiat-backed stablecoin will solve many of the challenges that Cosmos users currently have when trying to move assets from one network to another, as he explained:
This integration will catalyze hundreds of millions of dollars in liquidity over the next few months in Cosmos, and will try to rectify the challenges users and appchains face when interacting with bridged assets from other ecosystems. […] Every blockchain needs a canonical, fungible version of USDC, and Noble exists to fill this critical need.”
As explained on the official Cosmos website, Cosmos is an interconnected network of blockchain networks using Tendermint’s BFT consensus protocol, Blockchain Application Interface (ABCI), and Software Development Kit. from Cosmos (Cosmos SDK). The networks are connected via the Inter-Blockchain Communication Protocol (IBC), allowing them to move assets between networks within the global Cosmos ecosystem.
Noble is one of more than 50 networks in the Cosmos IBC ecosystem, according to Mintscan.
In January, Injective Protocol (INJ) launched a $150 million fund to promote user adoption of the Cosmos ecosystem. It was backed by Kraken Ventures, Pantera Capital, Jump Crypto, and other firms known for investing in blockchain projects. In February, the Cosmos Interchain Foundation (ICF) allocated another USD 40 million to Develop basic infrastructure and applications for the ecosystem.
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