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The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users? It is an empirical fact that the United States dollar is continuing to lose its dominant role as the global reserve currency, but what might happen to the stablecoin market should it be superseded? According to data from the International Monetary Fund, the U.S. dollar now accounts for just over 58% of global foreign exchange reserves, a considerable decrease from the 71% share it had in 2001. Global foreign exchange reserves from 1999 to 2021. Source: IMF Jeremy Allaire — the CEO of USD Coin (USDC) issuer Circle — highlighted this shift at the April 26 Consensus 2023 conference, arguing that the U.S. must implement stablecoin legislation and digitize the U.S. dollar to remain competitive amid the “very active de-dollarization taking place.” De- dollar ization refers to the process of reducing the use of the U.S. dollar in a country’s economy, and ...

The stablecoin will be launched on the Noble network, making it available to all 50-plus Cosmos IBC blockchains. USD Coin (USDC) will soon be available in the Cosmos ecosystem via the Noble network (STAKE), according to a blog post from the Noble development team. The post was shared on Twitter by USDC issuer Circle. We're excited to bring USDC to @Cosmos! USDC is expected to launch on @noble_xyz soon, stay tuned for details. #IBC https://t.co/eqU8wno43F — Circle (@circle) March 28, 2023 Neither Circle nor Noble gave out a specific date for USDC’s launch on the network, but both said that readers should “stay tuned” for that information. In its announcement, the Noble team said that USDC will be the first “native, fiat-backed stablecoin that is highly liquid and fully collateralized” on a Cosmos IBC connected network. In its view, the introduction of the fiat-backed stablecoin will solve many of the challenges that Cosmos users currently have when trying to bridge assets from on...