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.

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 [MULTISIG ADDRESS PENDING CREATION]

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. 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.

1 Like
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!

2 Likes