Circle withdraws USDC from Cosmos Noble, forces $92M migration to Injective
In brief
- Circle halts new USDC minting on Noble October 13; final redemptions end January 12, 2027
- USDC migration: $92 million must move from Noble to Injective via Skip:Go routing
- Cosmos Labs deadline: migrate by October 31 before cross-chain capacity tightens
The shutdown timeline
Circle will stop minting new USDC on Noble on October 13, while redemptions remain available until January 12, 2027. But time is tightening. Cross-chain capacity will start tightening on October 31, with burn limits on the legacy version of Circle's Cross-Chain Transfer Protocol (CCTP V1) beginning to decline. After December 1, exits through CCTP may be limited to destination chains that continue accepting legacy V1 burns.
Cosmos Labs is therefore urging holders to migrate before October 31 rather than treat January as the practical deadline.
Migration path through Injective
Cosmos Labs has coordinated a replacement route through Injective, where Circle already issues native USDC. Users will be able to migrate Noble-based USDC into Injective-issued USDC through Skip:Go beginning September 11. Circle's native USDC on Injective uses CCTP V2 and can move across Cosmos through IBC, with Skip:Go handling routing.
Noble's role in Cosmos
Noble wasn't always the stablecoin hub. Before its launch, appchains relied on more than 100 bridged versions of USDC, each with different trust assumptions and liquidity fragmentation. Noble was built to consolidate that mess. The chain processed more than $22 billion in transaction volume since 2023 and served about 30,000 monthly active users. Noble holds about $102.2 million in stablecoins, with USDC accounting for more than 90% of the total.
Coinbase stopped USDC deposits and withdrawals on Noble on August 17, weeks before Circle announced the wind-down — a signal that the writing was on the wall.
