Noble announces bringing USDC to Cosmos
Noble, in partnership with Circle, has announced that USDC will soon debut in the ecosystem of Cosmos and IBC, short for Inter-Blockchain Communication. The announcement has been made on Twitter, calling it a major milestone since Cosmos has never had a stablecoin that is backed by fiat and is fully collateralized & highly liquid.
We are excited to announce that Noble is bringing native #USDC to the @Cosmos and boundless Inter-Blockchain Communication (IBC) ecosystem in partnership with @Circle! ✨ https://t.co/wLTDW3YNSz
— Noble (@noble_xyz) March 28, 2023
The launch of native USDC in the ecosystem gives over 50 IBC-enabled blockchains access through IBC. The integration will rectify the challenges that the ecosystem is facing at the moment. These include several non-fungible representations of bridged assets, bridges not being purpose-built for IBC, disparate trust assumptions across different bridging protocols, and liquidity fragmentation across different bridges.
It will further catalyze millions of dollars in liquidity in Cosmos. A definite launch date for USDC on Noble is yet to be announced. The same can be expected to be public in the days to come.
Noble, in the announcement, has said that this is merely the beginning, with a lot to come in the future. For instance, Noble is aiming to become a gateway for digital assets that enter the IBC ecosystem. Digital assets could be stablecoins or any other digital representation.
The ultimate goal of Noble is fairly simple:
- Have the best user experience that is simple & effective
- Market adoption of IBC
- Turnkey institutional-grade asset issuance
Noble plans on offering the best user experience by providing a single canonical token that carries deep liquidity, which can be leveraged in more than a single application. Noble has also developed a packet-forwarding middleware application with the intention of streamlining user experience on the platform. It enables users to initiate the transfer with a single click. They only have to be at the source chain, following which the asset automatically takes the route to the destination.
IBC adoption could be sparked once dYdX migration happens. The tentative date for the same is the third quarter of this year. What makes the adoption worth waiting for is the fact that it guarantees reliability and authenticity in the communication in proper order.
IBC differs from other bridging technologies as it empowers Noble to converge cross-chain communication as an open-source, standardized, and interoperable framework.
The months to come could see IBC expand its horizons by not limiting itself to being a part of Noble. Teams that are working hard in the segment are Composable Finance and Polymer, among others.
Another aim that Noble wishes to achieve through the integration is to become a premier platform for onboarding and integrating solutions for the issuers of digital assets. Noble currently utilizes the capabilities of the SDK module to extend a supportive hand to asset issuers. Noble is able to customize a wide range of functionalities that are used by issuers irrespective of the objective – compliance or protocol specific.
Native USDC arriving on Noble in partnership with Circle will first benefit the ecosystem, after which others could follow the trend to further boost the IBC adoption.