Injective said its network has more than $80 million in USD Coin (USDC) awaiting migration, including a $68 million dYdX share still subject to a governance vote.
The dYdX Foundation proposed v9.9, an upgrade that would change the backing for USDC on dYdX Chain. The plan puts a Canonical USDC module at the center of a gradual handover from Noble to Injective-issued USDC. The token identifier and account balances would carry through the change. Governance approval is required for the shift to proceed.
Cosmos Hub has already moved its treasury to Injective-issued USDC. Injective also cited monthly trading volume on dYdX of more than $1 billion.
Injective has native USDC and Circle’s Cross-Chain Transfer Protocol (CCTP) support, with transfers available across more than 20 blockchains, EconoTimes previously reported. A governance decision will determine whether the proposed dYdX migration goes ahead.
