Circle Discontinues USDC Support on Noble, Urging Swift Migration to Injective
- Circle is withdrawing its USD Coin (USDC) from Noble, affecting approximately $92 million in assets.
- Noble currently holds about $102.2 million in stablecoins, with USDC making up over 90% of that total.
- Minting of new USDC on Noble will cease on October 13, while redemptions will remain open until January 12, with cross-chain transfer limits beginning to decline on October 31.
- Cosmos Labs has coordinated a migration route to Injective where users can convert their Noble-based USDC into Injective-issued USDC starting September 11.
- The migration process aims to consolidate liquidity across Cosmos without fragmentation, as Noble had previously streamlined USDC distribution for over fifty blockchains.
With Circle’s withdrawal from Noble, the urgency for users and protocols within the Cosmos ecosystem to migrate assets is heightened, especially as exit routes will narrow before the final deadline in January.
As of now, users are encouraged to migrate by October 31 to avoid complications with liquidity pools and smart contracts that may not qualify for redemption after the snapshot date of January 12.(Source)
