dYdX Vote Would Shift USD Coin (USDC) Backing From Noble to Injective

The dYdX Foundation opened an on-chain vote on an upgrade that would shift USD Coin (USDC) backing on dYdX Chain from Noble to Injective ahead of Circle's planned pause of Noble's USDC contract.

The proposed v9.9 upgrade would add a Canonical USDC module and gradually replace Noble-issued USDC with Injective-issued USDC as the backing asset. The on-chain token identifier and user balances would remain unchanged.

Once migration begins, users would be able to deposit USDC through Injective alone. Deposits originating on Noble, including CCTP transfers routed through the network, would be refused and returned. Withdrawals could go to Noble or Injective, but not to other chains. After the Noble-backed portion is cleared, ending withdrawals to Noble would require governance approval.

If USDC on dYdX Chain is not fully backed, deposits and withdrawals would pause automatically while trading continues. A separate migration covers the Cosmos Hub community pool's 566,067.055810 USDC.n balance; voters approved moving it to Injective.

Jan. 12, 2027, is the date Circle has set to pause its Noble USDC contract and CCTP V1 routes into and out of Noble. The dYdX vote closes Nov. 16; if approved, the upgrade is expected to finish around Nov. 18.