[Proposal #59] Add native USDC to the Inter Protocol Parity Stability Module

This discussion thread is meant to evaluate a proposal to add native USDC to the Inter Protocol Parity Stability Module (PSM).


Until recently USDC was bridged to the Cosmos Network via the Axelar or Gravity bridges.
Both USDC_axl and USDC_grv are already available on the Inter Protocol PSM.

This thread is to discuss adding the native, non-bridged version of USDC, via Noble chain, to the PSM.

The proposal is to add native USDC, not replace either or both of the bridged versions, although discussing adjusting the limits is appropriate.

Note: if the community agrees, an on-chain vote will be needed that includes the technical details, akin to what was created for adding DAI to the PSM.


DCF is supportive of this move. Thank you, @fred


Validatrium supports this prop as well! :raised_hands:t4:


I am excited to see this! I support it! Perhaps worth noting that Noble supports it as well!


It makes sense to have the native version alongside the bridged versions. Wen though


This makes sense. Hopefully the cost of transferring Noble USDC to Agoric will be lower than Axelar USDC and some easy low cost way to be able to transfer USDC to Noble from from like Coinbase for example.

Is there any consideration to further increase optionality and add KAVA USDT (is it too late to participate in the KAVA Rise program and potential receive some KAVA rewards?) and Wormhole bridged USDT and USDC l?

Also, the Osmosis Axelar-Noble USDC transmutter pool is also up and running. The transmutter pool allows for a 1:1 swap of Axelar USDC to Noble USDC with no slippage and no fees, except the normal gas/tx fee, at least for the time being. (Link to pool provided below.)

Currently, it appears that a proposal to turn on the protocol level taker fee at 0.1% will be put on-chain on Monday even though it is Yom Kippur. The current available draft of the proposal does not make an exception for the USDC transmutter pool. If this proposal is put on-chain early next week and passes, the protocol could start collecting this 0.1% taker fee as early as 9/30.

It is also possible that a proposal to remove all liquidity incentives except for a few select pools (e.g. atom/osmo, usdc/osmo, usdt/osmo, dai/osmo, statom/atom, stosmo/osmo) will be be put onchain on Monday as well.

In other Osmosis news, the pool creation fee has been raised to 1000 OSMO and permissionless concentrated liquidity pool creation may be available sometime in mid October.

Osmosis USDC Transmutter Pool:


The EC discussed it this morning, and we are supportive of adding Native USDC to the PSM. We look forward to seeing what the community decides.


I think we should not only add Noble’s native USDC, but also I suggest we replace/phase out bridged USDC to make native USDC canonical. I think both Gravity bridge and Axelar do great work, however I seen nothing but trouble having both a native and bridged units of the same asset bouncing around the Cosmos ecosystem and any other chain connected to it. Not to mention inherent bridge risks, one of the reasons we wanted a native USDC asset.

In order to create the CoreEval proposal, it seems we’re still in need of an IBC relayer operator to create a channel between Noble and Agoric. (The resulting channel id determines the denom that will go into the proposal.)

If you’re someone who can help with this, please reply here or the #ibc-infrastructure discord channel !

Source: Map of Zones Agoric Peer List


Hi @tsunami11!

I was wondering if there is anywhere one can find minutes/summaries of EC meetings.


As a risk management committee, the EC doesn’t publish minutes or notes from specific meetings. However, as evaluations are completed the EC documents the changes and rationale for them in the community forum.

It now seems we have an open channel :tada:

agd query ibc-transfer denom-trace ibc/FE98AAD68F02F03565E9FA39A5E627946699B2B07115889ED812D8BA639576A9 --node $NODE --chain-id agoric-3
  base_denom: uusdc
  path: transfer/channel-62

Proposal Draft

I have a draft of the proposal here: GitHub - 0xpatrickdev/psm-proposals: CoreEval proposals for the Inter PSM. And will post a release after feedback from stakeholders on the parameters.

Suggested Parameters

decimalPlaces: 6
denom: "ibc/FE98AAD68F02F03565E9FA39A5E627946699B2B07115889ED812D8BA639576A9"
keyword: "USDC_nbl"
proposedName: "USDC"

USDC on Ethereum uses six decimals, and the denom traces to uusdc which typically indicates 6 decimals.

While this denom is ibc-native USDC, I am suggesting USDC_nbl for the keyword (issuer name) to future proof the implementation. If others feel USDC or USDC_nob is more appropriate, please voice feedback!


Decimals seem to be 6:


I would like to propose using just USDC, for the keyword and proposedName values, as Noble USDC is native to Cosmos.
This will not prevent from evolving the use of the names in the future, with appropriate work/testing, if USDT is launched natively on Agoric chain, for example.


Thank you @fred. The final draft of the proposal, with USDC as the keyword, is available here:

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Voting is now live on mainnet for adding USDC (Noble) to the Inter Protocol PSM: Proposal #56 | Agoric | Keplr Dashboard

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Hey everyone, the proposal I submitted unfortunately has a low severity error that should be addressed.

Please vote NO on Proposal #56 and expect to see an updated proposal in the next day or so.
Proposal #56 | Agoric | Keplr Dashboard

For more details about the issue, please check here.


The proposal has been resubmitted as #59:

Voting is now live on mainnet for adding USDC (Noble) to the Inter Protocol PSM: