At the end of the month, Noble’s primary network will launch Circle’s Cross-Chain Transfer Protocol (CCTP), an on-chain protocol that makes it easier for users to swap between compatible blockchains without the need for a custodial bridge. Noble is an application-specific blockchain that was developed inside the Cosmos ecosystem and debuted in March 2023.
Users that utilize any chain that supports CCTP can transfer their USDC between blockchains.A press statement states that Optimism, Ethereum, Base, and Arbitrum are the current supported chains.
The infrastructure makes it easy for companies like dYdX, a decentralized exchange, to integrate with the Cosmos (ATOM) ecosystem and launch their “v4” standalone chain.As per the notice released by DYdX (DYDX), USDC is used as collateral by default for its chain.
On November 28, CCTP will go live on the mainnet after being made available on a Noble test network.
“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.”
Currently, 16 million USDC have been issued on Noble, out of a total of 24 billion USDC that have been issued.Around 22.6 billion USDC in liquidity is held via CCTP-supported networks, and over 1 billion is held by dYdX on their Ethereum chain.
In October, NASD, the firm that created Noble, raised $3.3 million in a seed round.