Huge Step from Circle: USDC Expands to Over 50 Networks
USD Coin (USDC), a stablecoin, will soon be available in the Cosmos ecosystem after it is implemented as a native token on the Noble network. This move will almost double the number of networks on which USDC is available. The announcement states that the inter-blockchain communication system (IBC) ecosystem has never had a highly liquid and fully collateralized native fiat-backed stablecoin, but this will change with the issuance of USDC in the protocol.
Cosmos Users Will Benefit Greatly from This Development
The arrival of USDC in the Cosmos ecosystem through the Noble network may be only the beginning of a larger initiative to bring more assets to the platform. Noble’s primary focus is to allow native Ethereum tokens to be used on the Cosmos network, which could potentially bring a significant amount of liquidity to Cosmos. However, no specific timeline or details have been provided regarding the arrival of other assets.
The Cosmos blockchain network ecosystem has amassed an impressive total value locked (TVL) of $1 billion. Five networks have been identified as the primary drivers of its success: Cronos, Kava, Osmosis, Thorchain, and Canto – according to insights from defillama.com.
USDC is Currently the Largest Stablecoin on the Market
According to a report from CriptoNoticias, the USDC stablecoin faced instability in March due to the bankruptcy of Silicon Valley Bank, which raised doubts about Circle’s ability to redeem the cryptocurrency. However, the stablecoin quickly regained its value and is currently the second most important in its category. USDC is available on over 50 networks, with Ethereum, Arbitrum, BNB Chain, Solana, and Polygon being the most significant ones. The total value locked in USDC across all networks is over $32 billion.