Noble uses $M extensions to launch their own stablecoin, $USDN
Noble Dollar ($USDN) is a stablecoin that launched on the Noble blockchain. $USDN is a yield-bearing, composable stablecoin built for the modular and interchain ecosystem. It is powered by M^0, and like all $M extensions it is collateralized by short-term US Treasury Bills. $USDN is now live. At launch it is supported in Keplr wallet, with more onramps coming soon. Track $USDN’s performance in real-time on the M^0 dashboard and learn more on the Noble Dollar website.
- Could you explain what Noble is for those who might not know? What are its core mission and values?
Noble is a blockchain purpose built for stablecoin real-world asset (RWA) use and interoperability. Noble combines minimalistic, high security architecture with the cross-chain efficiencies of modular protocols like IBC to bring native stable coin liquidity to 49+ chains.
- What inspired Noble to build $USDN and enter the stablecoin space? What was the opportunity here?
From day one, our mission has been to build liquidity infrastructure for asset issuers to participate in the Interchain economy with a focus on stablecoins. We built USDN because we believe in the power of decentralization and customizability. We wanted to create a dollar that works for you. Yield should be programmatic and benefit users or builders. By building USDN, developers are able to customize and take ownership over liquidity on their protocol empowering developers and the community.
The current stablecoin industry is dominated by giants. Other major stablecoin asset issuers are able to make huge profits by keeping yield earned from holding stablecoin collateral. USDN set out to disrupt that model in a big way–give the yield back to the people. Since launch, we’ve seen more demand than we could have imagined for this kind of novel technology. Our thesis that projects and people want a stablecoin that works for them, that they can control, is proving to be correct.
- What were the main issues you faced when considering building a stablecoin?
Of course when building a stablecoin we wanted to make sure we weren’t just copying the playbook of the other stablecoins in the space and really creating something that is uniquely our own and can benefit developers and users. The composability and customizability of USDN is novel to our stablecoin and creates a unique positive sum flywheel for developers and users alike.
Additionally, many users in the Cosmos ecosystem still harbor deep pain surrounding the Terra/LUNA collapse. The Cosmos and broader crypto lost tremendously from the mismanagement and mechanics of that project and many users have been left pretty jaded. We wanted to make sure that USDN never faced any of the issues that Terra did. While creating a sound stablecoin built with real world value wasn’t difficult, making sure to build a reputation and product that people can trust in the space again has always been our topline goal.
- What benefits has Noble experienced by working with M^0?
Working with M^0 allowed us to bring the vision of USDN to life. Using their collateralization and token mechanics we were able to build the foundation for USDN. The team at M^0 was incredible to work with. They were always available for our engineers and provided invaluable feedback on the project. Their marketing team helped push the needle on the success of the launch and their PR agency was able to handle many of the behind the scenes work we didn’t have the resources for.
M^0 has been a collaborative force and given us ideas not just on USDN but on Noble as a whole. We are so thankful for their partnership and will, of course, continue to work closely with their team as time goes on.
- What prompted your decision to partner with M^0?
Ultimately, M^0 and Noble have the same goal–provide safe and reliable and customizable stablecoin infrastructure that just works. We were incredibly impressed by the quality of their vision and the quality of their work. The team at M^0 is world class and we knew partnering with them would be the best way for our vision to come to life.
- What are the plans for USDN in terms of use cases and applications?
For now, users who hold USDN will earn a base yield of roughly 4.1-4.5% determined by U.S. Treasury Bills.
We are quickly working to get customizability up and running for USDN. The vision is for every project to be able to build with USDN and customize it to their own needs. We’ve received a ton of great inbound about this feature and expect to see a version of USDN on popular chains soon.
We’re also working on bringing USDN to more chains… not just those in the modular ecosystem. Stay tuned for more information.
About Noble
Noble is the premier asset issuance chain in the modular ecosystem. Noble solves a variety of critical pain points around native issuance for developers and issuers alike, including: security, liquidity, compliance, standardization, and neutrality. Noble’s long-term vision is to be a UX unlock for all stablecoin and RWA issuers.
About M^0
M^0 is the platform powering builders of safe, programmable, interoperable stablecoins. By extending $M, a digital dollar building block issued by the M^0 protocol, developers can build branded, feature-rich digital dollars in minutes.