Cosmos announces native USDC support, but there is controversy By CriptoFácil

2023-06-02 22:24:00

© Reuters Cosmos announces native support for USDC, but there is controversy

CriptoFácil – The Cosmos ecosystem, known as the “internet of blockchains”, is taking an important step by announcing native support for the USDC stablecoin on its network.

The companies Noble and Celestia, behind the Noble platform, are joining forces to enable native USDC minting () on any modular chain that uses Celestia as the data availability layer. According to Sam Martin, research analyst at Blockworks, this partnership is crucial for the Cosmos ecosystem.

“The use of stablecoins is extremely important to having a vibrant DeFi ecosystem. This is because they allow investors to generate returns on digital assets, minimizing the risks of market volatility through the stable value of the token, which is pegged to fiat currency,” he said.

The lack of a native stablecoin has been one of the main challenges facing Cosmos, but with the integration of USDC, it is expected that there will be less liquidity fragmentation and greater adoption of DeFi applications on the network.

Stablecoin USDC na Cosmos

Analyst Ryan West has stated that the introduction of USDC into Celestia will supercharge the growth of the Cosmos ecosystem. Celestia is a tier 2 rollup that uses light nodes to check the availability of transaction data without having to download all the data from a block. This solution is essential to boost the Cosmos ecosystem, as it ensures the efficiency and security of transactions.

Dan Smith believes USDC will have the first-mover advantage as the first native fiat stablecoin in the Cosmos ecosystem.

He thinks this move could encourage (USDT), the leading stablecoin issuer, to follow in the footsteps of Circle, the company behind USDC. However, to date, there is no evidence that Tether is taking steps in this regard.

Smith also speculates that the addition of USDC could trigger an explosion of DeFi applications and use cases across the industry, spurring an environment of market diversity that reduces the risk of relying on a single asset.

By CriptoFacil