Nobody likes a black swan event. But there's an issue rumbling in Cosmos that I don't think gets talked about enough. USDC on Noble, and what if Circle decided to discontinue support? Let's look at some numbers. USDC issued on Noble is shrinking. At the end of 2024, there was over $500m USDC issued on the Noble chain. However, this has shrunk to below $345m now, and is on a downward trajectory. Remember, this is a time where USDC issuance on every chain is up only. Now let's look deeper at that $345m USDC that is issued on Noble. A whopping $250m is used in DYDX only! Is one app enough to sustain the majority of USDC Noble issuance? We all know the story of DYDX v4, and their move away from EVM to Cosmos and IBC in 2023. Well, what happens if they do a SEI, and decide to move back to EVM? Would it spell an end to Noble USDC as we know it? Liquidity is already terrible in Cosmos. This would likely be a final nail in the coffin. I welcome your thoughts.

And to those that say Circle discontinuing support of Noble USDC is unlikely, let's look at some recent developments. Ever wondered why you can't transfer USDC from Noble chain to any of the "newer" chains? It's because Noble doesn't support CCTP V2, so you can't move it to many chains, including HyperEVM for example. Noble doesn't even show up on many bridges any more. And you can't even deposit or withdraw USDC via Noble chain on Coinbase in the UK anymore (it's been withdrawn already). These are worrying signs.

Noble now working on their own stablecoin, USDN, would also point to having a fall back in place, should Circle decide to discontinue USDC support on the chain.