It's now going to be easier to move USDC to the dYdX Chain.
This is due to a partnership between the stablecoin issuer Circle, the team behind the protocol dYdX Chain and Noble, a Cosmos application-specific blockchain. The function will be available through Circle's Cross Chain Transfer Protocol, which is to go live shortly on Noble's mainnet.
The move enables Noble users "to send their USDC, the collateral contemplated by dYdX Chain, from other chains directly to dYdX Chain in an easy, simple and secure manner," dYdX wrote in a Tuesday post. "USDC on Noble and the imminent launch of CCTP is poised to unlock huge UX benefits for dYdX's v4 software (dYdX Chain)."
CCTP lets users send USDC to supported blockchains through a native burn and mint process, forgoing the need for custodial bridging. Circle's CCTP was available on Noble's testnet on Nov. 3 and will launch on the network's mainnet on Nov. 28.
"A major tenet of DeFi is increased accessibility for all users," dYdX's marketing lead Nathan Cha told The Block. "We at dYdX Trading are thrilled to see our open source software expanding its capabilities by partnering with trusted partners like Circle and Noble to allow easy access to USDC.”
There have been other moves recently to help provide easier access to the Cosmos ecosystem. In late September, dYdX integrated Axelar, a cross-chain communication protocol, and its cross-chain transaction builder Squid to provide better Cosmos app chain onboarding, The Block previously reported.
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