Cosmos Rushes to Migrate $92 Million in USDC as Circle Shuts Down Noble

Circle's decision to shut down Noble has left Cosmos scrambling to move $92 million in USDC before January. The wind-down, which affects exchanges, decentralized-finance protocols, and over 50 Cosmos-linked chains, requires a migration of liquidity and integrations away from Noble.

Noble held around $102.2 million in stablecoins, with USDC accounting for more than 90% of the total, according to DeFiLlama data. Circle will stop minting new USDC on Noble through Circle Mint on October 13, while redemptions remain available until January 12.

Cosmos Labs has coordinated a replacement route through Injective, where Circle already issues native USDC. Users can migrate their Noble-based USDC into Injective-issued USDC through Skip:Go beginning September 11.