After a partnership between Circle and Noble, the USDC stablecoin will soon arrive on all blockchains connected to the Cosmos (ATOM) CBI. To date, more than 100 synthetic versions of USDC reportedly exist on the Cosmos ecosystem, meaning they are not officially recognized by Circle.
As a reminder, at the Converge22 conference in New York, Circle announced that USDC would be available on the Arbitrum, NEAR, Optimism and Polkadot networks by the end of the year. It was also learned that the crypto will debut on Cosmos in early 2023. A promise is a promise.
The firm said, We are defining a standard form of USDC through the Cosmos blockchain.
Thanks to a partnership between Circle and Noble, the USDC stablecoin will become the first fiat currency-backed native stablecoin to arrive on the Cosmos ecosystem (ATOM).
No date has been revealed yet, but this will make the stablecoin available to all blockchains connected to the Inter-Blockchain Communication Protocol (IBC), which is 57 at the time of writing. Moreover, the Noble teams see further into the future of this ecosystem:
In the future, we believe there will be hundreds of highly liquid and well-adopted Cosmos blockchains. Every blockchain needs a canonical, fungible version of the USDC, and Noble exists to meet this critical need.
Noble’s solution was born out of the collapse of UST last year, highlighting “the need for a large, trusted stablecoin in the CBI ecosystem.”
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