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More Than $80 Million in USD Coin (USDC) Awaits Migration to Injective

Cosmos Hub has moved its treasury to Injective-issued USDC, while dYdX voters weigh a $68 million migration.

By Simon Yoon
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A silver token crosses between two precision-cut metal channels / TokenPost.ai
A silver token crosses between two precision-cut metal channels / TokenPost.ai

Injective announced that more than $80 million in USD Coin (USDC) is awaiting migration to its network, with a $68 million dYdX share still under a governance vote.

Cosmos Hub has completed its treasury move to Injective USDC. Injective described USDC on its network as becoming a common standard for Cosmos and dYdX.

The dYdX Foundation’s proposed v9.9 upgrade would shift USDC backing on dYdX Chain from Noble to Injective. The planned v9.9 release would introduce a Canonical USDC module, then progressively substitute Injective-issued USDC for Noble’s backing; the existing token identifier and account balances would stay intact.

Injective also pointed to dYdX’s monthly trading volume of more than $1 billion.

Simon Yoon

Reporter

Simon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.

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