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Circle Takes a Major Step In USDC Multi-Chain Plan with the Launch on Cosmos

Circle Takes a Major Step In USDC Multi-Chain Plan with the Launch on Cosmos

Cosmos will become the ninth ecosystem where USD Coin (USDC) is natively available.

A recent announcement by Noble Network has revealed plans to add USDC support in the Cosmos ecosystem

After the launch, USDC will be accessible by over 50 Cosmos Inter-Blockchain Communication Protocol (IBC) blockchains.

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An exact date for the launch has yet to be given. However, the announcement by Noble Network hinted that it would happen soon.

In its announcement, Noble noted that the integration will funnel "hundreds of millions of dollars in liquidity" in Cosmos. On top of that, the new integration will help to eliminate the challenges that come with "bridge assets sourced from other ecosystems."

According to Noble, the company will make several more announcements regarding asset integration and the official date for USDC native support.

Circle first announced its USDC multi-chain integration plans in September 2022. At the time, Circle said it would focus on native integration with Arbitrum, NEAR, Cosmos, Polkadot, and Optimism.

USDC is already natively available on eight ecosystems, with Comsos being the ninth. According to Circle, it plans to make USDC available on thirteen blockchain ecosystems. The stablecoin issuer believes that USDC’s multi-chain integration will boost the interoperability of the crypto economy.

Cosmos was designed as a multi-chain ecosystem. It runs on the Tendermint Byzantine fault-tolerant consensus protocol. Additionally, it relies on the Application Blockchain Interface and the Cosmos Software Development Kit.

All networks on Cosmos can communicate via the Inter-Blockchain Communication Protocol (IBC). Consequently, they seamlessly move assets amongst themselves within the ecosystem.

The Noble USDC native integration aligns with Cosmos user adoption plans. In January, a $150 million fund was launched to promote user adoption. The fund is run by Injective Protocol and was backed by Jump Crypto, Kraken Venture, and others.

In other USDC-related news, Xapo Bank has partnered with Circle to integrate USDC into its transaction network.


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