As stablecoins like Tether and Circle’s USDC grow in popularity, more companies are rushing to offer their own versions. This includes Ripple, Revolut and Robinhood, which are reportedly planning to offer their own version of digital tokens, which are designed to maintain a permanent link to a fiat currency like the US dollar.
But as the crypto landscape spawns an increasing number of blockchains and DeFi applications, stablecoin issuers may struggle to distribute their product in a fragmented landscape. One startup looking to solve this problem is Noble, an asset issuance platform that just raised $15 million in a Series A funding round led by Paradigm.
“We’re seeing a trend in the blockchain space more broadly where many builders or companies want to build their own application chain,” said Jelena Djuric, Noble’s co-founder and CEO.
An “appchain” is an application-specific blockchain that is designed to meet the requirements of a company’s unique needs. New applications, like some layer 2 built on Ethereum, are launching every day, making it harder for stablecoin issuers to launch their tokens everywhere.
Djuric said he saw this issue as an opportunity to bridge the gap between stablecoin issuers like Circle and appchain builders by developing a platform that offers greater liquidity.
“We are not a monolithic base layer like Solana, Ethereum or Arbitrum,” Djuric said.
“We’re actually a chain with a set of validators connected to 45 different application chains, where we issue under a second block period.”
Noble acts as an intermediary, working with stablecoin issuers to efficiently distribute its product across 50 different blockchains and providing developers with a unified user interface to ensure their app chains are compatible with Noble.
Noble has already partnered with several stablecoin issuers, including Circle, Ondo Finance, Hashnote Labs, and Monerium. The company has already attracted more than $458 million in assets.
They will use the money from this round to accelerate stablecoin adoption by developing new user-facing products and expanding payroll. In total, Noble has raised $18.3 million in funding.
