Migrate Community Pool USDC.n to USDC.inj via a Community Multisig

Hub Proposals
1

Summary

The Cosmos Hub community pool holds 566,067.055810 USDC.n (Noble-issued USDC). Circle pauses the Noble USDC contract and all Cross-Chain Transfer Protocol (CCTP) routes to and from Noble on January 12, 2027.

This proposal sends the full USDC.n balance of the community pool to a 4-of-6 DAODAO multisig composed of six Cosmos community members and validators to migrate to USDC.inj (Injective-issued USDC). The multisig will migrate the funds to USDC.inj and return the USDC.inj to the community pool. The multisig holds the funds for the duration of the migration only and has no other mandate.

Changelog

  • 2026-10-20: Draft posted for community discussion.
  • 2026-10-21: Updated proposal with DAO address details and DAODAO links

Background

On September 10, 2026, Circle announced that it is discontinuing support for USDC and CCTP V1 on Noble as part of its transition to CCTP V2. Noble will not receive CCTP V2.

The wind-down runs on the following schedule:

  • October 13, 2026: New minting of USDC on Noble through Circle Mint is disabled.

  • October 31, 2026: CCTP V1 burn limits from Noble begin reducing gradually to zero.

  • January 12, 2027: The Noble USDC contract and all CCTP routes to and from Noble are paused. Circle snapshots remaining Noble USDC balances on this date.

  • January 13, 2027: Circle opens a manual redemption process for holders included in the snapshot.

The Cosmos ecosystem is treating USDC.inj as the canonical USDC going forward. Cosmos Labs, Circle, Injective, Skip, and chain teams across the ecosystem coordinated a migration path from USDC.n to USDC.inj that went live on Skip:Go on September 11, 2026. The Cosmos Hub, dYdX, Osmosis, Terra, Neutron, Agoric, ZIGChain, XPLA, and Initia are supported migration origins as of right now, and these chains and more are migrating their own USDC.n liquidity and treasury balances ahead of the deadline.

The Cosmos Hub community pool holds 566,067.055810 USDC.n. The community pool cannot execute a migration transaction on its own, so moving these funds requires a governance-approved spend to an account that can sign the migration and return the proceeds.

About USDC.inj

USDC on Injective is natively issued by Circle. Circle launched native USDC and CCTP on Injective on May 7, 2026. USDC.inj is backed 1:1 by US dollar reserves held by Circle, carries no bridge or wrapper, and supports CCTP V2 for transfers between Injective and other CCTP chains.

USDC.inj implements Injective’s MultiVM Token Standard, so a single balance is accessible from both the Injective EVM (Ethereum Virtual Machine) and the Cosmos bank module without bridging. It transfers over IBC to any chain with an open Injective channel.

Key identifiers:

  • Issuer: Circle (native issuance on Injective)

  • Token contract on Injective (EVM): 0xa00C59fF5a080D2b954d0c75e46E22a0c371235a

  • Bank denom on Injective: erc20:0xa00C59fF5a080D2b954d0c75e46E22a0c371235a

  • Decimals: 6

  • CCTP domain ID for Injective: 29

  • CCTP V2 TokenMessengerV2 on Injective: 0x28b5a0e9C621a5BadaA536219b3a228C8168cf5d

  • CCTP V2 MessageTransmitterV2 on Injective: 0x81D40F21F12A8F0E3252Bccb954D722d4c464B64

  • IBC denom on the Cosmos Hub (transfer/channel-220 from Injective): ibc/E107DB3E8AABB49C87CB737A1ABBFDBA9803ECAE05E295D8D7A0B1A7FE83706C

  • Chain registry symbol: USDC.inj

For comparison, the USDC.n denom on the Cosmos Hub (transfer/channel-536 from Noble) is ibc/F663521BF1836B00F5F177680F74BFB9A8B5654A694D0D2BC249E03CF2509013.

Reference documentation: Injective USDC documentation, Circle USDC contract addresses, Cosmos Hub assetlist entry for USDC.inj.

Proposal Details

This is a community pool spend proposal (MsgCommunityPoolSpend). If it passes, the full USDC.n balance of the community pool is transferred to a DAODAO multisig on the Cosmos Hub, which executes the migration and returns the proceeds.

Spend

  • Amount: 566,067.055810 USDC.n (566067055810 ibc/F663521BF1836B00F5F177680F74BFB9A8B5654A694D0D2BC249E03CF2509013)

  • Recipient: DAODAO multisig on the Cosmos Hub, address cosmos1amny2nf23uauu79lzp299tvh9v4a62uuxvh8xyj7qavrm0adztsq5sz864. You can see the DAO’s webpage on DAODAO here: DAO DAO

The amount above reflects the community pool balance at block 33,458,880. The on-chain submission will use the exact pool balance at the time of submission so that no USDC.n is left behind.

Multisig

The recipient is a 4 of 6 DAODAO multisig with the address cosmos1amny2nf23uauu79lzp299tvh9v4a62uuxvh8xyj7qavrm0adztsq5sz864. Any four of the following six members must approve each transaction:

The multisig has one mandate: migrate the received USDC.n to USDC.inj and return it to the community pool. It holds no other assets and takes no other action.

Execution steps

  1. Governance passes and the spend executes, delivering 566,067.055810 USDC.n to the multisig.

  2. The multisig runs a test migration of a small amount through Skip:Go or the Osmosis USDC transmuter pool, and confirms the USDC.inj arrives in the multisig on the Hub.

  3. The multisig migrates the remaining balance through the same route. Receiving the full 566,067.055810 USDC.inj balance in the multisig.

  4. The multisig returns the full USDC.inj balance to the community pool with MsgFundCommunityPool.

  5. The multisig publishes the transaction hashes for each step in this forum thread once the migration is complete.

Migration proceeds are 1:1. The only costs are gas on the Cosmos Hub, and any relayer fee charged by the Skip:Go route, which is deducted from the migrated amount and is a small fixed fee per transfer rather than a percentage.

Contingencies

  • The multisig may elect to migrate in smaller amounts using Osmosis’s USDC transmuter pool (which also carries no swap fees nor price impact / slippage) depending on what is operationally simpler. Both routes carry essentially identical costs.

  • If a migration transaction stalls at any leg, the Skip relayer completes it or the funds remain in the multisig.

  • If for any reason the migration cannot be completed, the multisig returns the unmigrated USDC.n to the community pool.

Timeline

  • Tuesday, Oct 20, 2026: Forum discussion period (1 week).

  • Tuesday Oct 27, 2026: Target on-chain date

  • 7 days from submission: Voting period (the Cosmos Hub voting period is 7 days).

  • Within 7 days of the proposal passing: Test migration, full migration, and return of USDC.inj to the community pool. The migration itself completes in minutes or less once the multisig has signed.

Vote Options

  • YES: Send the community pool’s USDC.n balance to the 4 of 6 community multisig for migration to USDC.inj and return to the community pool.

  • NO: You disagree with sending the community pool’s USDC.n balance to the 4 of 6 community multisig for migration to USDC.inj and return to the community pool.

  • NO WITH VETO: You consider this proposal spam, harmful to a minority of interests, or in violation of governance rules. A NoWithVeto vote burns the deposit if 33.4% of voting power selects it.

  • ABSTAIN: You wish to contribute to quorum without voting for or against.

6 Likes
Hub Weekly Update #23: November 5, 2026
Cosmos Quarterly #2 Q3-26 - Hardening, Interop, and the Hub & Tokenomics Roadmap
Hub Weekly Update #21: October 22, 2026
2

Looking forward to the discussion! The proposed multisig members are in the process of creating the DAODAO instance on the Cosmos Hub.

Once that is done, I’ll update this proposal with the address and update the changelog accordingly. Let me know if y’all have any questions in the meantime!

3

I think this proposal is important, and I support it. This is not just a 566k USDC migration; it’s another step toward real IBC adoption.

The fact that Circle, Cosmos Labs, Injective, and Skip are coordinating this migration shows that interoperability is becoming a reality.

The more assets move between chains through IBC, the more this protocol can become essential infrastructure for the ecosystem.

The long-term goal is to turn this adoption into economic value for the Cosmos Hub and ATOM.

If IBC becomes critical infrastructure, the ICF should also consider ATOM a strategic treasury asset, rather than just a source of funding.

Every concrete step matters. This proposal is one of them. Thanks to the author for taking the initiative!

5 Likes
4

Good to see that this matter is handled already and not left aside until the last minute :sweat_smile:

Will support of course

2 Likes
5

Hi all, here is an update on the multisig. The DAO DAO has been created, all six members have signed a test migration of 1 USDC.n to USDC.inj, and it worked. Everything is ready, so I would like to share the details and give everyone the chance to check them before the governance proposal goes on chain.

Multisig address

The multisig address on the Cosmos Hub is:

cosmos1amny2nf23uauu79lzp299tvh9v4a62uuxvh8xyj7qavrm0adztsq5sz864

@RoboMcGobo, this is the address to use as the recipient of the spend in the proposal.

Migration route

We will use the Osmosis USDC transmuter pool. The route is Cosmos Hub → Noble → Osmosis → Injective → Cosmos Hub, and the USDC.inj arrives back in the multisig on the Hub. It is the route we tested.

The DAO has its own accounts on Noble, Osmosis and Injective, and they are set as recovery addresses. If a leg of the IBC route fails, the funds stay under the control of the multisig.

Because of the rate limits on USDC.inj going from Osmosis to Injective, we plan to migrate in 2 swaps. We will execute each one when the rate limits have a good margin. Once the USDC.inj is back in the multisig, it will be returned to the community pool with MsgFundCommunityPool, as described in the proposal.

Test migration

The test was proposal A3. It used 1 USDC.n that did not come from the community pool. Signing it confirmed that every member controls the address they gave, and that the route works. You can check the result of the transaction on the Skip explorer.

How to check that the multisig is safe

Everything is public on DAO DAO, and anyone can verify it:

  1. Initial actions: the Home page of the DAO shows the actions executed when the DAO was created. There should only be the creation of the Osmosis and Injective Cross-Chain Accounts.

  2. Executed proposals: besides the test, only two proposals have been executed. A1 created the Noble Interchain Account, and A2 set the signers of the multisig.

  3. Configuration: you can see it when you start creating a proposal:

    • Passing threshold: 66% of the voting power, which means 4 of the 6 members

    • Quorum: disabled

    • Voting duration: 4 days

    • Revoting: disabled

    • Creation policy: only members

The six members are Arlai (Hydro), Johnny Wyles (Osmosis), Lexa Michaelides (Hypha), Polkachu, David (Crosnest) and Zoltan (Silk Nodes), as in the proposal.

If you see anything wrong, or have any question, please let us know before the governance proposal is submitted. Thank you!

2 Likes
6

Thank you @arlai-mk for sharing these details and confirming the initial tests and accounts have been set up.

I’ve just updated the proposal with the DAO address and DAODAO page link you shared!

2 Likes
7

Absolutely! It’s great to see proactive action being taken early rather than waiting until the last minute. Thanks for the support — it really makes a difference!

8

This proposal is on-chain for voting now! Mintscan

Voting ends on November 03 at approximately 11:30 AM ET, at which point the multisig will begin the migration process.

Please get out there and vote, and thanks to all of the multisig members and everyone who contributed to the discussion!

1 Like
9

We should just focus on ATOM & nothing else

2 Likes
10

Hi all,

For information, the proposals have been posted on DAODAO ahead of the prop 1060. This will allow execution very quickly once the funds are received, the goal being that the multisig will hold funds for no more than 24 hours.

You can find them below:

  • A5: Migrate 283,033 USDC.n to USDC.inj (swap 1 of 2)
  • A6: Migrate 283,034.055810 USDC.n to USDC.inj (swap 2 of 2)
  • A7: Return 566,067.055810 USDC.inj to the community pool

We’d appreciate eyes from the community to ensure that there is no issue in them, while the multisig members sign for it.

Thank you and let us know if you see any issue.

4 Likes
Hub Weekly Update #23: November 5, 2026
11

UPDATE: I can confirm that this proposal has passed and that the USDC.n that was in the community pool is now in the DAODAO treasury for this multisig

Treasury: DAO DAO

The proposals have all been pre-passed and the plan is to execute them this evening. We’ll post another update once that has been done and the funds are back in the community pool!

3 Likes
12

Dear community,

For information, the DAODAO proposals have all been executed successfully, and the funds have been returned in full (as USDC.inj) to the Community Pool.

A big thanks to the community and everyone involved.

4 Likes
Hub Weekly Update #23: November 5, 2026
13

Thank you @arlai-mk and to the rest of the multisig for the fast and efficient execution!

And thank you to everyone who voted to get this proposal over the line!

2 Likes
Hub Weekly Update #23: November 5, 2026