Noble is a platform specialized in issuing stable assets within the Inter-Blockchain Communication (IBC) ecosystem. Functioning as a hub that supports the native issuance and circulation of major stablecoins such as USDC, it also provides its own interest-bearing stablecoin “USDN (Noble Dollar).” USDN is backed by U.S. Treasury short-term bonds at over 102% collateralization, generating approximately 4.15% (as of the time of writing) interest. This interest can be shared with holders and DeFi applications, exemplifying the new concept of “Composable Yield.” The Noble chain itself achieves a block time of about one second and low fees, with a design allowing stablecoins to be used for transaction fees. Owing to these features, it serves as a foundation that can supply stable assets to each application chain with a single click.

Official documentation can be found here

What is Noble?
Noble is a standalone blockchain primarily specialized in stablecoins (crypto assets with prices stabilized to something like the U.S. dollar) for issuance and distribution. It is one of the application-specific chains (app chains) in the Cosmos ecosystem, utilizing the IBC protocol to play the role of a hub that delivers stable assets to many different chains. Simply put, Noble is a network that issues and manages “dollars usable across blockchains.”

Noble also supports the issuance of existing stablecoin assets such as Circle’s USDC, but what’s distinctive about Noble is that it issues a new stablecoin of its own, “Noble Dollar (USDN).” This USDN differs from conventional stablecoins in that it carries an interest (yield). Merely holding USDN allows one to receive interest income generated from U.S. Treasury bonds. Typically, for U.S. dollar–pegged stablecoins (e.g., USDT, USDC), interest income from collateral assets goes to the issuer. Noble overturns this convention by providing a system that returns the value of interest to stablecoin users themselves.

Benefits for beginners
Through Noble’s mechanism, blockchain beginners and users can utilize a safer and more user-friendly stable currency. Since Terra’s UST collapse, large-scale USD liquidity in the Cosmos region was lost, and many app chain developers and users have struggled to handle assets of stable value. Noble was born as a solution to these issues, aiming to supply a reliable stable asset to each chain and thereby bring abundant dollar liquidity to the entire ecosystem. Also, by using Noble, complex bridge operations become simpler, allowing an environment where one can learn blockchain technology while handling a safe currency.

Vision (What They Aim For)
Noble’s vision is to “bring stable liquidity to a world of application chains and build a user-friendly digital dollar infrastructure.” Co-founder and CEO Jelena Djuric witnessed the shortage of funds in the Cosmos region after the TerraUSD collapse and realized that “conventional stable asset routing could not handle it.” Therefore, Noble aims to create a stable, safe, and sustainable asset issuance platform.

Based on that vision, Noble focuses on the following two principles:

Noble as an Asset Issuance Chain in Cosmos
Using IBC protocol, Noble seamlessly transfers issued tokens to other blockchains. For instance, an operation like “Mint USDC on the Noble chain → send it to a user on the Osmosis chain” is automatically handled internally, so users can utilize assets on different chains with simple operations. Furthermore, Noble achieves efficient asset management via fast block production of about one second and low operating fees. Additionally, Noble secures network safety without issuing its own native token by leveraging Replicated Security from the Cosmos Hub.

M^0 Protocol and USDN Issuance
Noble’s USDN is built atop a new stable asset infrastructure called M^0 (pronounced “M-zero”). M^0 functions as a “stablecoin middleware layer,” allowing issuing partners to build their own branded stablecoins on top of it. When users or financial institutions deposit US dollars, M^0 purchases U.S. short-term treasuries with those funds, then issues a corresponding “$M token.” Noble provides this token as USDN at a 1:1 exchange rate, and interest generated from U.S. Treasuries is automatically distributed to users via smart contracts. This allows the issuer not to separately maintain a massive fund management department, enabling both stability and scalability.

Noble addresses the discontinuity and inefficiency of stablecoin liquidity in a multi-chain environment. After Terra/UST’s collapse, each chain in the Cosmos ecosystem had to introduce stable assets individually, leading to complex bridge operations and liquidity dispersion. By offering a simple route of “Issuer ↔ Noble ↔ Each Chain,” Noble creates an environment where users can use the same stable asset on any chain, achieving efficient asset movement and unified liquidity.

Also, whereas conventional stablecoins allowed issuers to monopolize interest from their backing assets, Noble distributes that interest at the protocol level to holders, improving the ecosystem’s overall sustainability. In DeFi applications, this mechanism could become a new source of revenue, providing benefits to both users and developers.

Currently, the Noble chain itself does not have a native token (for governance or staking). Thus, the Noble chain’s economy primarily depends on stablecoin circulation and their interest. Because gas fees can be paid in USDC, etc., users don’t need to have an additional token, making operations simpler. Also, a mechanism called “Noble Points” is available to provide user incentives, potentially connecting to future governance token distributions or reward systems.

Noble conducted a Series A funding round in November 2024, raising about $15 million. Leading investors included the crypto-focused fund Paradigm, plus Polychain Capital, Foresight Ventures, Wintermute Ventures, and Informal Systems. With this investment, Noble is focusing on product development and launching its own stablecoin (Noble Dollar).

Noble collaborates with multiple stable asset issuers and blockchain projects. Key partners include:

Noble was established in 2023 and is based in Toronto, Canada. The main team members are:

Advisors include experts in Cosmos and modular blockchains, giving the project a strong network to pursue its goals.

Noble proactively implements community airdrops and user incentives.

When launching the mainnet, Noble held a distribution campaign for the FRNZ (Frienzies) token as both an expression of gratitude to the community and a showcase of its issuing capabilities. FRNZ was a unique token Noble issued, allowing each token holder to exchange it for a physical commemorative item (friendship bracelet) specifically made by Noble. Practically, certain USDC holders were targeted, receiving FRNZ tokens automatically on addresses in the Noble chain via snapshot, and later could claim them through a special website. Note that FRNZ was not a governance token but was instead used as a voucher for commemorative items.

The Noble Points Program currently operates to grant points to USDN users, allowing them to exchange those points for future rewards. You accumulate points by locking USDN in a dedicated “staking vault,” collecting points proportional to the amount and duration. The longer you deposit, the more bonus multipliers apply, enabling higher point earnings. For users who wish to enjoy interest, a “flexible vault” is available, adding a bonus yield to the basic interest. Points are credited at the end of the program and can potentially be exchanged for a future governance token or other benefits, functioning as an airdrop-like incentive while maintaining a user-participatory approach.

Noble’s USDN is notable for returning interest generated by its collateral assets to holders. Below is a comparison with representative stablecoins.

Explanation:
Noble’s USDN differs from centralized stablecoins like USDC and USDT by distributing interest from its underlying assets directly to users. Although DAI is decentralized, users must actively use DSR to earn interest, so it is not automatic. Meanwhile, AUSD and USD0 are emerging yield-bearing stablecoins, adding new options beyond existing models. USDN, native to Cosmos and built on M^0, offers a more seamless and programmable interest distribution model, providing new value to users.

Noble is an innovative asset-issuing chain brought to the Cosmos ecosystem, delivering new value to blockchain users through its interest-bearing stablecoin USDN. Its model of guaranteeing both reliability and convenience for stable assets, plus distributing interest at the protocol level, sets it apart from conventional USDT or USDC. The project also offers user-participatory incentive measures through airdrops and point programs, making it an excellent opportunity for intermediate crypto enthusiasts to learn and practice blockchain tech and new asset management models. Noble’s future developments and further expansion within multi-chain economies are well worth following.