dYdX Routes Deposits and USD Coin (USDC) Withdrawals Through Injective

dYdX will accept deposits only through Injective and process withdrawals in USD Coin (USDC) on that network, changing user transfer procedures while its broader USDC backing proposal remains under a governance vote.

The exchange announced the procedure Nov. 13. It applies Injective to deposits and USDC withdrawals, and deposits originating on Noble will be rejected and refunded.

The update comes as the dYdX Foundation’s proposal to shift USDC backing from Noble to Injective remains under governance review. The v9.9 plan would add a Canonical USDC module and phase in Injective-issued USDC while keeping user balances and the on-chain token identifier unchanged.

An earlier version of the proposal allowed withdrawals through either Noble or Injective. The newer procedure specifies Injective for USDC withdrawals. The proposed backing change is scheduled ahead of Circle’s planned Jan. 12, 2027, pause of Noble’s USDC contract and CCTP routes to and from Noble.

Voting on v9.9 is scheduled to close Monday, Nov. 16. If approved, the upgrade is expected to finish around Nov. 18.