Circle Stablecoin USDC To Launch on Cosmos

Cosmos will finally have its own native stablecoin, with Circle partnering with crypto startup Noble to deploy USDC directly to the ecosystem


FOTOGRIN/Shutter-stock modified by Blockworks


Shortly after coming out of stealth, token protocol Noble has announced it has partnered with Circle to bring USD Coin (USDC) natively to the Cosmos ecosystem in Q2.

USDC is the second-largest stablecoins in the cryptocurrency ecosystem behind Tether, and is pivotal to many decentralized finance (DeFi) projects. It is often used as collateral for lending and borrowing to generate yield due to its ability to remain steadily pegged to the US dollar.

Although it recently went through a few hiccups following the collapse of Silicon Valley Bank and Silvergate bank, the stablecoin has now regained its peg to the dollar.

Noble CEO Jelena Djuric told Blockworks in an interview that the Cosmos inter-blockchain communication protocol (IBC) ecosystem hasn’t yet gained a native fiat-backed stablecoin that is not only highly liquid but also fully collateralized on its network.

“That’s about to change with Noble’s first issuance partner, Circle,” she said. “They’re bringing a native USDC to Cosmos for the first time.” Noble, a token issuance protocol, will help facilitate USDC’s management and issuance.

Loading Tweet..

Currently on Cosmos, the major stablecoins can only be accessed through bridge protocols such as Gravity and Axelar. Estimates suggest around 100 different bridged USDC assets currently exist across the Cosmos landscape.

Now that DeFi protocols can stick with just one single official stablecoin, Noble hopes this partnership will inject and and facilitate new liquidity in the ecosystem. Circle first flagged intent to issue USDC on Cosmos last September.

“It’s also for the users themselves to have a seamless process of accessing native assets in the ecosystem,” Djuric said. “At the end of the day, we’re seeking to rectify the challenges that users and app chains face when interacting with bridge assets.”

The decision to quickly onboard USDC onto Cosmos is also related to the fact that popular lending protocol dYdX will soon migrate from Ethereum onto the Cosmos IBC.

“We’re very much doing this in preparation for dYdX’s launch. We see this as a huge moment for the Cosmos and the app chain thesis because this is a project that has already got a lot of success on Ethereum,” Djuric said.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


And a look into the newest name on the Trump ticket: Sen. JD Vance


Plus, Imran Khan’s intriguing experiment on the speeds of crypto onramps


The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks


PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants


Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians


Vance, an Ohio Republican, is largely seen as crypto-friendly