@Injective has expanded its native $USDC supply by 43% over the past 30 days, lifting the total on-chain dollar supply on the network to $16.5M. The financial Layer-1 blockchain is positionin
@Injective has expanded its native $USDC supply by 43% over the past 30 days, lifting the total on-chain dollar supply on the network to $16.5M. The financial Layer-1 blockchain is positioning itself as the canonical dollar standard across more than 20 chains, including @Cosmos.
The increase comes ahead of a liquidity rotation in which protocols are expected to allocate more than $100M in bridged and native stablecoins to $INJ.
The growth follows a series of integrations over the past several months. Circle announced in March that it would bring native USDC issuance and its Cross-Chain Transfer Protocol (CCTP) to Injective, giving the chain direct access to the largest regulated stablecoin without wrapped assets. When USDC moves via CCTP, Circle burns tokens on the source chain and mints new ones on the destination. That design avoids reliance on third-party bridges.
Native USDC later went live on mainnet. Injective said the $77 billion in compliant stablecoin liquidity from Circle could be used to access tokenized stocks and Pre-IPO assets such as SpaceX on the network. That figure refers to the broader USDC ecosystem, not the amount currently held on Injective.
The Cosmos link followed in May. Cosmos Hub and Cosmos Labs confirmed that USDC issued through Injective will route across the Cosmos ecosystem via IBC.Skip:Go, the main routing layer in Cosmos, will make Injective USDC its default denomination, backed by a four-year minimum commitment.The arrangement also covers dYdX.
The move addresses a long-standing issue in Cosmos. Stablecoin liquidity has been spread across numerous independent blockchains, or zones.It also comes after Noble began stepping away from its role as Cosmos' native USDC issuer, with Injective expected to absorb more than $100 million in related stablecoin issuance.Cosmos Hub said migration support will be available for chains moving from Noble USDC to Injective USDC, starting with a rollout to dYdX.
For $INJ, the potential benefit is indirect. If DeFi activity and trading volumes shift toward native USDC pairs, INJ could benefit through higher gas usage, staking demand and protocol fee capture. That outcome is not assured, and the current $16.5M supply remains small next to the wider stablecoin market.
Investors will be watching whether the planned stablecoin allocations materialise and whether more Cosmos chains complete the move to Injective USDC.
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