Circle launches Cosmos USDC over Noble network

Minscan lists Noble among fifty Cosmos IBC networks. In January, Injective Protocol launched a $150 million Cosmos ecosystem adoption fund.

Circle launches Cosmos USDC over Noble network

USD Coin will soon be accessible through the Noble network in the Cosmos ecosystem, according to a blog post from the Noble development team. The post was shared by USDC issuer Circle on Twitter.

Neither Circle nor Barnes & Noble provided a specific launch date for USDC on the network, but both advised readers to “stay tuned.”

The Noble team stated in its announcement that USDC will be the first “native, fiat-backed, highly liquid, and fully collateralized stablecoin” on a Cosmos Inter-Blockchain Communication Protocol-connected network.

In its opinion, the introduction of the fiat-backed stablecoin will solve many of the issues Cosmos users currently face when attempting to transfer assets between networks. 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.”

According to an explanation on the official Cosmos website, Cosmos is an interconnected web of blockchain networks that use the Tendermint Byzantine fault-tolerant consensus protocol, the Application Blockchain Interface, and the Cosmos Software Development Kit.

The networks are linked via the Inter-Blockchain Communication (IBC) Protocol, which enables the transfer of assets between networks within the Cosmos ecosystem.

According to Minscan, Noble is one of more than fifty networks in the Cosmos IBC ecosystem.

Injective Protocol launched a $150 million fund in January to promote the Cosmos ecosystem’s user adoption. It was supported by

Ventures, Pantera Capital, Jump Crypto, and other well-known blockchain project investors.

In February, the Cosmos Interchain Foundation allocated an additional $40 million to develop the ecosystem’s core infrastructure and applications.