July 10, 2024
Cosmos Ecosystem Welcomes USDC Update: Circle Integrates Noble Token Technology
Altcoins News

Cosmos Ecosystem Welcomes USDC Update: Circle Integrates Noble Token Technology

On Cosmos, the native USDC is receiving an update.

Circle, the business that issued USDC, declared today at the Cosmoverse conference that it will integrate Noble, a Cosmos-based token technology, into its cross-chain transfer protocol (CCTP).

On the Cosmoverse main stage, Circle’s engineering director Marcus Boorstin showed the usage of CCTP for USDC transfers by transferring money from Avalanche to Noble via Metamask in a testnet scenario.

According to Boorstin, this will be the first time CCTP has been connected with a chain that is not an Ethereum Virtual Machine (EVM).

Simpleness is a fundamental component of the design, according to Noble co-founder Jelena Djuric, who stated that USDC transactions can be made in “basically one click.”

The capability of CCTP will be extended to all Cosmos chains that are connected to IBC since Noble itself has been incorporated with the Cosmos Inter-blockchain Communication Protocol (IBC), doing away with the requirement for bridges when transferring USD Coin (USDC).

Furthermore, according to co-founder of Noble Stefan Coolican, customers who now possess USDC on EVM chains may transmit their tokens directly to Cosmos chains that are linked with IBC.

“What you’ll be able to do with CCTP when it’s live is you’ll be able to send it to a burn address on Ethereum, where Circle’s API is watching and will issue an attestation of burn that gets relayed to the destination chain,” Coolican explained.

“It’s a fast, cost-efficient way of getting native USDC into whatever application you’re building on Cosmos,” Coolican further added.

Before the official mainnet launches later this month, a testnet will be accessible to ecosystem players who are keen to try out CCTP’s cross-chain features.

According to DeFiLama, USDC has a circulating supply of nearly $25 billion and is now the second-biggest stablecoin by market cap. Of this total, about $20 billion is spent on Ethereum. There is now a small stablecoin market within the Cosmos ecosystem. Since September 12, it has been operational on the Cosmos mainnet.

“Noble’s role as an asset issuance hub for Cosmos enables USDC to proliferate seamlessly throughout the ecosystem via IBC. With CCTP coming to Noble, we’re able to solve interoperability for Cosmos with Ethereum and several other blockchain networks, enabling developers to onboard users with USDC to their appchains from outside the ecosystem.” Rachel Mayer, VP of Product at Circle, concluded.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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