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Circle to Enable Cross-Chain USDC Transfers With Cosmos's Noble Later This Month
Decentralized exchange dYdX will be the a user of CCTP, as the project expands beyond Arbitrum, Base, Ethereum and Optimism.
Updated Nov 14, 2023, 2:00 p.m. Published Nov 14, 2023, 2:00 p.m.
Circle’s Cross-Chain Transfer Protocol (CCTP), an on-chain program that facilitates transfers of the dollar-linked stablecoin USDC between supported blockchains without a custodial bridge, will go live on Noble’s main network at the end of the month to offer users easy swapping.
Noble, introduced in March 2023, is an application-specific blockchain built within the Cosmos ecosystem.
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CCTP allows users to migrate their USDC between blockchains on any CCTP-enabled chain. The supported chains currently are Arbitrum, Base, Ethereum and Optimism, according to a press release.
The infrastructure allows for simple onboarding for the likes of decentralized exchange dYdX, which recently launched its "v4" standalone chain using Cosmos technology – as well as the rest of the Cosmos [ATOM] ecosystem. DYdX [DYDX] said in a note to CoinDesk that its default setting for its chain uses USDC as collateral.
CCTP is currently available on a Noble test network and will launch on mainnet on November 28.
“What is important here is the sheer amount of USDC liquidity we expect to migrate to Cosmos using this novel non-custodial bridging mechanism,” said Jelena Djuric, CEO and co-founder of Noble. “DYdX is uniquely positioned to be the first power user of CCTP given its v3 product on Ethereum and the industry-leading trading volumes of billions of dollars per day it has achieved.”
There is currently 16 million USDC minted on Noble, and the overall issuance of USDC is 24 billion. CCTP supported chains hold a total of around 22.6 billion of USDC liquidity and dYdX holds over 1 billion on their chain on Ethereum.
The company behind Noble, NASD, raised $3.3 million in a seed round in October.
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