Circle’s Noble shutdown leaves Cosmos racing to move $92 million in USDC

Circle is pulling its USD Coin (USDC) stablecoin from Noble, forcing Cosmos to migrate its main digital dollar rail to Injective before January.The wind-down puts roughly $92 million of USDC on a deadline and requires exchanges, decentralized-finance protocols, and more than 50 Cosmos-linked chains to shift liquidity and integrations away from Noble, the appchain that had served as the ecosystem’s canonical issuance point for Circle’s stablecoin.Noble holds about $102.2 million in stablecoins, DeFiLlama data show, with USDC accounting for more than 90% of the total. Ondo US Dollar Yield, at nearly $8 million, is the next-largest stablecoin on the network.Circle will stop minting new USDC on Noble through Circle Mint on Oct. 13, while redemptions remain available until Jan. 12, 2027. Cross-chain capacity will start tightening sooner, with burn limits on the legacy version of Circle’s Cross-Chain Transfer Protocol beginning to decline on Oct. 31.Cosmos Labs has coordinated a replacement route through Injective, where Circle already issues native USDC. Users will be able to migrate Noble-based USDC, now displayed as USDC.n, into Injective-issued USDC, or USDC.inj, through Skip:Go begi...