Injective is becoming the home of Circle's native USDC for the Cosmos ecosystem. The Cosmos Hub voted on November 3 to move its community pool's 566,067 USDC into Circle's native USDC on Injective, and dYdX, Osmosis, Terra and Neutron are also migrating.
The shift follows Circle's decision to retire USDC on Noble, the Cosmos chain that has issued USDC for the ecosystem. Initia said in October that new USDC arriving on its network will land as Injective-based USDC, while outgoing Noble USDC auto-redeems through a vault with no action needed from users.
Injective says it is becoming the canonical stablecoin standard for more than 20 blockchains, including Cosmos, with over $100 million in stablecoin supply set to migrate onto the chain. It put its USDC supply at $16.5 million on October 23, up 43% in a month.
The rails came first. Circle's CCTP route went live on Injective in October, letting users move native USDC from any EVM chain or Solana through LI.FI and Jumper. Choice Bridge followed with USDC transfers from Ethereum, Base, Solana and 13 other chains, with a gasless option that adds a little INJ to the transfer so new users do not need INJ upfront.
That USDC is already being put to work. Injective Options, live on testnet since October 27, collateralizes every call and put with native Injective USDC, and Injective says native USDC on the chain now powers payments to more than 8,000 merchants.
In its five-year review, Injective listed more than $100 million in USDC issuance among the milestones still ahead.