Circle’s USDC to launch on Cosmos

by Jeremy

Circle’s USDC, the second-largest stablecoin available on the market, is ready to launch on Cosmos. 

Circle first introduced its intent to launch on Cosmos in September 2022, when it shared plans to make USDC accessible on 5 extra blockchains, together with Arbitrum, NEAR, Optimism, and Polkadot.

Noble, an issuance chain constructed on Cosmos, will act as Circle’s issuance accomplice. The protocol stated that that is the primary time over 50 IBC-enabled blockchains on the community may have entry to native USDC.

This may even be the primary time a extremely liquid stablecoin is issued on the blockchain for the reason that collapse of Terra’s UST. Some estimates present there are over 100 totally different bridged USDC belongings presently on the community, highlighting the necessity for a local stablecoin.

The launch was propelled by dYdX’s announcement that it might be launching on Cosmos. The favored decentralized change introduced plans to construct a proprietary IBC-enabled app chain, opening up its service to thousands and thousands of Cosmos customers.

“This integration will catalyze a whole bunch of thousands and thousands of {dollars} in liquidity over the approaching months in Cosmos, and can search to rectify the challenges that customers and app chains face when interacting with bridged belongings sourced from different ecosystems,” Noble stated in an announcement.

“Sooner or later, we consider that a whole bunch of extremely liquid, well-adopted Cosmos blockchains will exist. Each blockchain wants a canonical and fungible model of USDC, and Noble exists to satisfy this vital want.”

The put up Circle’s USDC to launch on Cosmos appeared first on CryptoSlate.



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