Welcome to #StableSeptember, a series where we provide a preview of what it means to bring native USDC to new blockchain ecosystems. Take a look below for what you need to know about native USDC on Noble for the Cosmos ecosystem.
Noble is an appchain purpose-built for native asset issuance in Cosmos and the boundless Inter-Blockchain Communication (IBC) ecosystem. Dozens of appchains will be able to access USDC issued on Noble via an integration leveraging IBC that is simple, safe and seamless.
USDC issued by Circle will be native to Cosmos via Noble. USDC on Noble can be considered the official form of USDC for the Cosmos ecosystem. Over time, we expect native USDC liquidity will proliferate via secure IBC connections to dozens of sovereign Cosmos appchains, including dYdX and Osmosis.
Bringing native USDC to Cosmos via Noble enables builders and users to benefit from a fully reserved, dollar-backed stablecoin that is always redeemable 1:1 for US dollars, along with institutional on-and-off ramps.
On launch day for native USDC, @Noble_xyz and Cosmos appchains will share details on how to easily get access to USDC and begin trading, borrowing, lending, and more.
USDC on Noble is natively issued by CircleToken Symbol: USDC
Token Denom: uusdc
Through enhancements made to the user experience of the IBC protocol, users can seamlessly send USDC on Noble between appchains without losing the fungibility of the native USDC asset.
For example, if a user sends USDC from Noble to Osmosis via IBC, then takes that asset to dYdX, the asset is no longer fungible with USDC sent directly from Noble. While IBC paths ensure a stable connection to the native asset on the origin (or issuance) chain, it can also create complexities for the user if the path becomes more than 1 hop away from the origin chain.
To solve this UX challenge, Noble leverages packet-forwarding technology to enable asset transfers between IBC-connected chains in “1 click”. When a user wants to send their asset from one chain to another, the asset is routed through Noble, thus ensuring a consistent “1 hop” route for USDC among different IBC paths.
- User wants to send USDC from Noble to Osmosis = Noble → Osmosis
- User wants to send IBC-transferred USDC from Osmosis to dYdX = Osmosis → Noble → dYdX
- User wants to send IBC-transferred USDC from dYdX to Osmosis = dYdX → Noble → Osmosis
The UX is the same for all transfers due to packet-forwarding technology - a “one click” experience!
Stay tuned for launch
We’re very excited about what native USDC via Noble means for the Cosmos ecosystem! Please reach out on Discord if you have any questions and stay tuned for further updates for #StableSeptember.