• 13 July, 2024
News

Noble to Revolutionize Cross-Chain Transactions with USDC Issuance Platform in Cosmos

Noble, a leading blockchain-based fintech firm, has announced its issuance platform for native USDC in the Cosmos and boundless Inter-Blockchain Communication (IBC) ecosystem, marking a milestone in cross-chain transactions. 

The IBC ecosystem has never had a native, fiat-backed stablecoin that is highly liquid and fully collateralized, but with Noble’s first issuance partner, Circle, a US-regulated fintech, USDC will be natively available on Cosmos, accessible to over 50 IBC-enabled blockchains.

The integration of Noble’s USDC issuance platform into the Cosmos ecosystem will solve the challenges that users and app chains face when interacting with bridged assets sourced from other ecosystems. The platform will catalyze hundreds of millions of dollars in liquidity over the coming months in Cosmos, making it the gateway for all digital assets into the IBC ecosystem.

Noble has also developed a powerful packet-forwarding middleware application to streamline UX for Noble transfers, making a double-hop IBC transaction “one click” for the user. The end user only needs to initiate a transfer from the source chain, and the asset will take the proper route to the destination chain automatically.

Noble’s mission is to simplify asset ownership and transfer within the IBC ecosystem, bringing the smooth UX of monolithic chains within the structure of a sovereign chain ecosystem. The company says that USDC is just the beginning, and it envisions many more assets in the future.

To reduce risk, Circle has taken steps to hold the cash portion of the USDC reserve directly with the Federal Reserve, with current corporate cash in excess of $800 million. USDC is built to always be redeemable 1:1 for the US Dollar and is a true bearer asset, capable of self-custody and transferable to anyone, anywhere, at high speed and low cost.

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