Stablecoin-focused Noble protocol will sunset Cosmos appchain and launch EVM-based Layer 1

Noble, the stablecoin-focused appchain once closely connected to the Cosmos ecosystem, is migrating its Cosmos SDK-based blockchain to a standalone EVM Layer 1, according to an announcement on Tuesday. 

The move marks a significant pivot for the network, which was launched essentially to facilitate stablecoin transfers across different blockchains using the Inter-Blockchain Communication (IBC) protocol. 

“Cosmos has served us well for the last couple of years, but for us, it’s time to move on,” Jelena Djuric, founder of Noble, told The Block. “Moving to EVM allows us to create a performant stack and a strong base product layer for builders to plug into. The goal is to be a stablecoin and FX infra people build on, not just a single app.”

Noble EVM is expected to launch on March 18, and the team will support the Cosmos-based blockchain “in the short term.”

For years, Noble acted as an intermediary for real-world asset issuers like Circle, Hashnote, and Ondo Finance, looking to move their assets onto dozens of Cosmos-based chains.

The network was pitched as a “neutral liquidity hub” and interoperability provider, and has reportedly processed more than $22 billion in transaction volume across 50 chains since 2023.

The next phase

Now, the team is looking to move into “real end-user stablecoin applications,” including forming “active partnerships across DeFi, privacy, corporate and payments use cases,” including foreign exchange and agentic payment flows. The new Noble EVM will be “purpose-built for stablecoin applications.”

“The next phase of Noble’s development is bringing the same performant and secure environment we pioneered to the EVM, with sub-second finality for real-world stablecoin applications,” the team notes. “Noble will be leveraging the state-of-the-art Commonware stack and a proven, institutionally-focused Proof of Authority validator set in its upcoming EVM L1.”

Noble’s Treasury-backed, yield-paying USDN stablecoin, launched using M^0’s tech stack in 2024, will be a “central feature” on the new EVM chain. This includes being integrated into a managed vault based on Noble EVM using a Pendle strategy executed on HyperEVM to provide yield to depositors. 

According to the blog, Noble’s new chain will also “be anchored by a novel DeFi protocol” designed for FX swaps between U.S. dollar and euro stablecoins.

“Noble plans to become a primary venue for token issuance and trading, which includes the introduction of capital-efficient FX perpetuals that allow users to hedge and trade currency risk using stablecoins,” the team said. This flagship DEX will also support liquidity for the NOBLE governance token.

Noble is far from the only Cosmos-linked project to pivot in recent months. Sei, for instance, is planning to transition exclusively into an EVM-only chain and deprecate its CosmWasm and Cosmos-native assets in an upcoming upgrade. 

The Noble team appears to be still working out the details for asset migration from Cosmos to the new chain. During the transition phase, liquidity and assets will still exist on the Cosmos chain, though the ultimate aim is for “all liquidity eventually living on the Noble EVM.”

“Importantly, Noble’s IBC connections to existing chains in Cosmos will remain completely unchanged. The Noble team is committed to ensuring continued IBC functionality for the existing ecosystem of appchains that rely on Noble’s liquidity is maintained (and improved) following the launch of the EVM L1,” the team said.

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