ORINDA, Calif., Sept. 16, 2024 /PRNewswire/ -- Agoric, a layer 1 blockchain designed for multi-chain orchestration, announced today a strategic partnership with Noble, the premier RWA issuance chain in the modular ecosystem, to build Fast USDC. This new solution will dramatically reduce wait times when transferring USDC from Ethereum and other EVM-compatible chains into the Cosmos ecosystem when using the Noble Express application. By streamlining the process, Fast USDC enhances the user experience and accelerates onboarding for Web3 services.
Stablecoins, valued today at over $100 billion, has proven recently to be a Web3 killer app, and Circle has taken the lead in driving inter-blockchain transfers with their Cross-Chain Transfer Protocol (CCTP) to help reduce friction, increase safety, and reduce costs when sending USDC from one blockchain to another. Agoric relies on this transfer protocol, but builds on that with a Fast USDC solution.
One of the persistent challenges in the Web3 economy has been the slow and complex process of transferring assets across different blockchain networks, creating barriers to user adoption and growth. Traditional cross-chain transfers, particularly involving USDC, can take upwards of 20 minutes, a delay driven by finality challenges on some blockchains that can degrade the experience for users accustomed to instant transactions.
Fast USDC: A Faster, Smoother Experience
Fast USDC addresses this challenge head-on by leveraging Noble's minimalist architecture to enable cross-chain transfers from Ethereum and other EVM chains to Cosmos chains. Fast USDC utilizes an on-chain Agoric Orchestration contract which interacts with accounts on the Noble chain, facilitating a verifiable flow of funds. Through an innovative settlement model, users can receive USDC almost instantly, reducing transfer times from as much as 20 minutes down to less than 2 minutes.
Fast USDC is more than just a faster way to move funds-it is a critical step toward achieving chain abstraction. For developers, Fast USDC is a building block that can be embedded into Agoric Orchestration contracts that provide deeper specific user experiences across many chains with only a single user signature. This will unlock experiences that bring in far greater adoption of blockchain-based applications.
Key Features and Benefits:
- Rapid Transfers and Orchestration: The solution reduces transfer times of USDC from EVM chains to Cosmos by 10x, bringing usability of Web3 solutions closer to the seamless flows of any mainstream application.
- Enhanced User Experience: With FastUSDC, users will be able to onboard their USDC into Cosmos chains and apps while they wait, improving their experience and enhancing user retention.
- Decentralized and On-Chain: Thanks to the programmability of Agoric Orchestration, Fast USDC assets are managed entirely on-chain to ensure transparency, a necessity for mainstream adoption.
"Fast USDC is a key use case showcasing the unmatched cross-chain programmability of Agoric Orchestration. It demonstrates how orchestration can solve critical challenges for Web3 users and applications," said Dean Tribble, CEO at Agoric Systems. "Our collaboration with Noble is a testament to our shared vision of simplifying blockchain technology to drive mainstream adoption."
"Fast USDC is an exciting use case that leverages Noble's unique architecture and we are thrilled to partner with the Agoric team on this important initiative," said Jelena Djuric, CEO at Noble.
Availability
Fast USDC will soon be available across major blockchain platforms, providing developers and users with a powerful tool to enhance the speed and usability of their decentralized applications. This partnership marks a significant step forward in the mission to make Web3 experiences accessible and user-friendly.
For more information about Fast USDC and how it fits into Agoric's orchestration solutions and Noble's RWA framework, please visit agoric.com and noble.xyz.
Dean Tribble, CEO of Agoric Systems, and Jelena Djuric, CEO of Noble, are available for interview
About Agoric
Agoric is a layer 1 blockchain for orchestration. In the fragmented blockchain landscape, Agoric brings orchestration to Web3 to solve the chain abstraction challenge and foster composability and true interoperability that unlock a new era of universal liquidity. Agoric is the brainchild of renowned computer scientists, Dean Tribble and Mark Miller. Their groundbreaking work in secure computing and distributed systems laid the foundation for Agoric's innovative technology.
About Noble
Noble is the premier asset issuance chain in the modular ecosystem. Noble solves a variety of critical pain points around native issuance, including security, liquidity, compliance, standardization and neutrality. Noble's long-term vision is to be a UX unlock for all stablecoin and RWA issuers.
Press Contact:
Alissa Karpick,
Wachsman,
E: agoric@wachsman.com
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