Proposal #1060
100.0% of the decisive votes say yes, with turnout at 53.2% of the 40% quorum. If voting closed now it would pass. The largest voter, Coinbase01, says abstain with 18.8% of the power.
Turnout
53.2%
quorum 40%
Yes
62.2%
100.0% without abstain
Ends in
2h 13m
03 Nov 2026
Spends
566.1K
USDC.n
62.16%
33.06% of all power
37.83%
20.12% of all power
0.01%
0.01% of all power
0.00%
0.00% of all power
Reached: 40% of the voting power had to vote.
Yes needs over 50% of the votes that aren't abstain.
Veto at 33.4% or more rejects it and burns the deposit.
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.
On September 10, 2026, Circle announced that it is [Hidden link] 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.
USDC on Injective is natively issued by Circle. Circle [Hidden link] 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: [Hidden link], [Hidden link], [Hidden link].
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.
The recipient is a 4 of 6 DAODAO multisig with the address cosmos1amny2nf23uauu79lzp299tvh9v4a62uuxvh8xyj7qavrm0adztsq5sz864. Any four of the following six members must approve each transaction:
[Hidden link]
[Hidden link]
[Hidden link]
[Hidden link]
[Hidden link]
[Hidden link]
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.
Governance passes and the spend executes, delivering 566,067.055810 USDC.n to the multisig.
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.
The multisig migrates the remaining balance through the same route. Receiving the full 566,067.055810 USDC.inj balance in the multisig.
The multisig returns the full USDC.inj balance to the community pool with MsgFundCommunityPool.
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.
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.
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.
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.
Validators and delegator accounts, counted one vote each.
105 of 180 validators voted, 89% yes. 1,601 delegator accounts voted on their own, 77% yes.
Each validator's vote, by voting power.
105 validators voted, together 53.1% of the voting power.
