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, designed to hold a permanent peg to a fiat currency like the US dollar.
But as the crypto landscape spawns an increasing number of blockchain and DeFi applications, stablecoin issuers may struggle to distribute their products in a fragmented landscape. One startup trying 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 more broadly in the blockchain space, where many builders or companies actually want to build their own app chain,” said Noble co-founder and CEO Jelena Juric.
An “appchain” is an application-specific blockchain designed to meet the needs of a company’s specific needs. New appchains, such as some Layer 2s built on Ethereum, are launching every day, making it difficult for stablecoin issuers to launch their tokens everywhere locally.
Jurek said he saw the issue as an opportunity to bridge the gap between stablecoin issuers like Circle and AppChain Builders by creating a platform that provides more liquidity.
“We’re not a monolithic platform like Solana, Ethereum or even Orbitrum,” Jurek said.
“We’re actually a chain with a validator set that plugs into 45 or so separate app chains, where we issue block times in less than a second.”
Noble acts as an intermediary, working with stablecoin issuers to efficiently distribute their products across 50 different blockchains and providing a seamless user interface for developers to Make sure their app chains are compatible with Noble.
Noble has already partnered with various stablecoin issuers including Circle, OndoFinance, Hushnote Labs and Monerium. The company has already acquired more than $458 million in assets.
They will use the proceeds from this round to accelerate the adoption of the stablecoin by developing new consumer-facing products and increasing their payroll. In total, Nobel has funded $18.3 million.
