Native USDC on Cosmos to Fill Vacuum Left by Terra’s UST Stablecoin

Cosmos’s fledgling decentralized finance (DeFi) ecosystem previously relied on the promise of Do Kwon’s digital dollar, and the algorithm that supposedly backed it, to build up its on-chain lending, borrowing and exchange markets. When UST came crashing down, its role was assumed by various different stable currencies – the most popular being wrapped USDC, a synthetic version of the centralized USDC stablecoin issued on the Ethereum blockchain – but these alternatives didn’t offer the same security to users that a natively issued stablecoin could.