Native USDC 🤝 Cosmos

By Cosmonauta | Cosmonaut | 29 Sep 2022


We have had some latest news on Cosmos about USDC, which is one of the biggest (and centralized) stablecoin in the Blockchain space; even if we are waiting for native Cosmos stables from different projects. Kujira's $USK is already in circulation and recently enabled IBC transactions. (Side note: let's don't forget eMoney's eEUR and show some love to them as well). 

Circle said on Wednesday that it plans to launch its USD coin (USDC) stablecoin – the second-largest dollar-backed stablecoin by market capitalization – natively on Cosmos in early 2023. 

You might ask, "hey what does it mean? We already have USDC on osmosis.zone??". Yes, but they are bridged assets, and native USDC is eliminating the risk of the bridge. The USDC token will be issued onto its own Cosmos-based blockchain, which is impressive and supports the app-chain idea of Cosmos. . For $ATOM stakers it would create $USDC rewards because of USDC's app chain utilizing Interchain security (I need to double check this, but so far approved by some Cosmos developers). This is quite big actually than it appears. For example USDC smart-contract fees are huge on Ethereum, with new Atom tokenomics... wow. 

Overall, this might bring some serious institution money to the Cosmos hub; and might go hang in hand with dydx's upcoming move to its own  Cosmos chain

What are your thoughts about this move? Would you go with a centralized stablecoin or would give a try to other Atom-backed stablecoins from Agoric and alike, or por qué no los dos

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