Cosmos Finally Gets Native Stablecoin With Impending USDC Launch

Circle has announced that the USDC stablecoin will be launching in the Cosmos ecosystem through its partnership with the Noble network.

The launch will make USDC available to all Cosmos IBC blockchains.

USDC Comes To Cosmos

Soon after making its way out of stealth, Noble Protocol has announced that it has entered into a partnership that will bring USDC natively to the Cosmos ecosystem. The news was announced by Circle, the issuer of the stablecoin, in a Twitter post,

“We’re excited to bring USDC to @Cosmos! USDC is expected to launch on @noble_xyz soon; stay tuned for details. #IBC”

Noble Protocol also made its own announcement on Twitter, although no specific timeline or date for USDC’s launch on Cosmos has been shared.

“This is a huge moment for our ecosystem. @Cosmos has never had a native, fiat-backed stablecoin that is highly liquid & fully collateralized. For the first time in @Cosmos history, 50+ IBC-enabled blockchains (& counting!) will soon be able to access USDC natively via IBC.”

However, both Circle and Noble have asked users to “stay tuned.” USDC is currently the second-largest stablecoin in the crypto space behind Tether and plays a crucial role in several decentralized finance (DeFi) projects. It is also used as collateral for lending and borrowing and generates yield thanks to its stability and dollar peg. While the stablecoin went through some volatility following the collapse of Silvergate Bank and Silicon Valley Bank, it has regained its dollar peg.

First Native Stablecoin

Cosmos is an interconnected web of blockchains that utilize the Tendermint Byzantine fault-tolerance protocol, Application Blockchain Interface, and Cosmos Software Development Kit. The Noble team stated that following the launch, USDC will be the first native, fiat-backed stablecoin on the Cosmos Inter-Blockchain Communication protocol. The team believes that introducing the hig

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Author: Amara Khatri

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