As per a blog post from the Noble development team, USD Coin (USDC) will be accessible on the Cosmos ecosystem through the Noble network soon. Circle, the issuer of USDC, shared the post on Twitter.
However, no particular date was mentioned by either Circle or Noble for the launch of USDC on the network. They advised readers to keep an eye out for further updates.
The Noble team has announced that the USDC will be the first fiat-backed stablecoin that is highly liquid and fully collateralized on a Cosmos Inter-Blockchain Communication Protocol-connected network.
According to them, the introduction of the USDC stablecoin will address many of the issues that Cosmos users currently face when trying to transfer assets from one network to another.
The Noble team believes that this integration will generate 100s of millions of dollars in liquidity in the Cosmos ecosystem in the upcoming months. Noble aims to provide a canonical and fungible version of USDC to every blockchain, fulfilling a critical need for the ecosystem.
As per the description on the official Cosmos website, Cosmos is a network of interconnected blockchains that utilise the Tendermint Byzantine fault-tolerant consensus protocol, Cosmos Software Development Kit, and Application Blockchain Interface.
The various networks within the Cosmos ecosystem are connected through the Inter-Blockchain Communication Protocol (IBC), which enables the transfer of assets between networks. Noble is among the 50 plus networks within the Cosmos IBC ecosystem, as reported by Mintscan.
Injective Protocol announced the launch of a $150 million fund in January to encourage the adoption of the Cosmos ecosystem. This initiative received support from blockchain investment firms like Kraken Ventures, Pantera Capital, and Jump Crypto, among others.
In February, the Cosmos Interchain Foundation also allocated $40 million towards the development of core infrastructure and applications for the Cosmos ecosystem.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash