The Noble network will soon make USD Coin accessible in the Cosmos ecosystem.
Circle, a USDC issuer, tweeted about the article. While neither Circle nor Noble provided a definite debut date for USDC on the network, they both advised readers to “keep tuned.”
The Noble team stated in its announcement that USDC will be the first “native, fiat-backed stablecoin that is extremely liquid and completely collateralized” on a network connected by the Cosmos Inter-Blockchain Communication Protocol. It claims that the launch of the fiat-backed stablecoin will address many of the difficulties users of Cosmos now face when attempting to transfer assets between networks, as follows:
This integration aims to address the difficulties that users and appchains encounter when engaging with bridged assets derived from other ecosystems, and it will stimulate hundreds of millions of dollars in liquidity in Cosmos over the upcoming months. Noble was created to address the crucial need for a canonical and fungible version of USDC on every network.
Using the Tendermint Byzantine fault-tolerant consensus algorithm, Application Blockchain Interface, and Cosmos Software Development Kit, Cosmos is described as a network of interconnected blockchain networks. The Inter-Blockchain Communication Protocol (IBC) connects the networks, enabling asset transfers between networks within the Cosmos ecosystem as a whole.
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