Noble
Noble is a blockchain infrastructure provider that operates a purpose-built chain for native stablecoin and real-world asset issuance, serving regulated stablecoin issuers, DeFi protocols, and developers across the Cosmos and IBC ecosystem.
- Company typePrivate
- Founded2023
- HeadquartersEtobicoke, Canada
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Noble does
Noble is a purpose-built blockchain infrastructure platform focused on native stablecoin and real-world asset (RWA) issuance within the Cosmos/Interchain ecosystem. Founded in 2022–2023 by Jelena Djuric (CEO), John Letey (CTO), and Stefan Coolican, the company operates the Noble blockchain as the canonical issuance layer for major stablecoins including USDC (Circle), USDY (Ondo Finance), EURe (Monerium), USYC (Hashnote), FRAX/sFRAX, and Progmat-issued Japan-regulated stablecoins. The platform uses IBC connectivity to distribute assets across 50+ blockchains and is currently migrating from a Cosmos SDK architecture (CometBFT consensus) to a standalone EVM Layer 1 using the Commonware stack and Reth execution client, targeting sub-second finality at mainnet launch on March 18, 2026.
The company's flagship product is Noble Dollar (USDN), a yield-bearing stablecoin collateralized by short-duration U.S. Treasury Bills via M0 Protocol with audited 104%+ coverage. USDN launched in March 2025 and reached $127M in circulating supply within four months, $1B+ in transaction volume, $533M in swap volume, and $1.2M in protocol revenue across 35,000 wallets by late 2025. Supporting infrastructure includes the Orbiter cross-chain orchestration middleware (handling multi-chain transactions via CCTP, IBC, and Hyperlane in a single signature), the Swap module using the StableSwap algorithm (average slippage -0.001%), the Forwarding module for EVM-to-IBC transactions, and a forthcoming Fairblock-powered privacy layer for confidential transfers and selective disclosure. The $NOBLE governance token claims process opened in October 2025.
Noble's business model centers on protocol-level transaction fees and revenue from native applications rather than direct developer charges. Internal transfer gas fees are approximately $0.01 and IBC transfers are free. Revenue accrues primarily from the USDN/USDC swap pool, Boosted Yield Vault economics (8–13% APY products), and treasury reward distribution mechanics on the $25M vault book. Distribution is permissionless: developers integrate via SDK modules (TokenFactory, Orbiter, Forwarding) and free documentation, with assets reaching end-users through 8+ integrated Cosmos wallets and Coinbase fiat off-ramps. The go-to-market combines product-led growth (battle-tested infrastructure messaging) with community-led incentives (USDN Points Seasons 1 and 2, $NOBLE airdrops).
Noble firmographics
Firmographics- Name
- Noble
- Legal name
- NASD Inc.
- Website
- https://noble.xyz
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Noble is a blockchain infrastructure provider that operates a purpose-built chain for native stablecoin and real-world asset issuance, serving regulated stablecoin issuers, DeFi protocols, and developers across the Cosmos and IBC ecosystem.
- Ownership category
- akta.pro rank
Noble industry classification
Industry- Product category
- Stablecoin and Real-World Asset Blockchain Infrastructure
- NAICS
- Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE)
- akta.pro secondary industries
- On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
Keywords
Where Noble is headquartered
LocationHeadquarters
- HQ city
- Etobicoke
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Noble business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Transaction/Network Fees: Gas fees collected for transactions on the Noble blockchain. On the Cosmos chain, internal transfers cost approximately 1 cent, with no fees for IBC transfers. Fee revenue is generated through validator participation and block production.
- Protocol Services: Revenue generated through Noble's native applications including the USDN/USDC swap pool, vault products, and future DEX. Protocol revenue from USDN reached $1.2M as of late 2025.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | No direct fees for developers |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Noble product offering
Product offeringCore offering
Noble provides a purpose-built blockchain infrastructure for native issuance of stablecoins and real-world assets (RWAs), serving as the canonical, regulated liquidity layer for the Cosmos/Interchain ecosystem. Its flagship offering is the Noble Blockchain and the USDN yield-bearing stablecoin collateralized by U.S. Treasury Bills, complemented by modules (TokenFactory, Orbiter, Forwarding, Swap) and partnerships enabling native issuance of USDC, USDY, EURe, USYC, FRAX, and Progmat on Noble for distribution to 50+ IBC-connected chains.
Product overview
Noble is a purpose-built stablecoin infrastructure platform that provides native asset issuance and interoperability for the modular/Cosmos ecosystem. The core product is the Noble Blockchain, which serves as the primary liquidity layer for stablecoins and RWAs. Noble's portfolio includes USDC (Circle's stablecoin natively issued on Noble), Noble Dollar/USDN (their flagship yield-bearing stablecoin backed by U.S. Treasuries via M0 Protocol), USDY (Ondo's yield token), EURe (Monerium's Euro stablecoin), USYC (Hashnote's yield coin), FRAX/sFRAX, and Progmat (Japanese stablecoins). Key modules include the Orbiter middleware for cross-chain orchestration, Swap module using StableSwap algorithm, and Forwarding module for EVM-to-IBC transactions. The platform also features a USDN Points Program with vault products (Points Vault and Boosted Yield Vault) and the upcoming $NOBLE governance token. Noble is migrating from Cosmos SDK to a standalone EVM Layer 1 with sub-second finality and dedicated payment lanes.
Differentiator
Problem solved
Functional benefit
Products and services
- Noble Blockchain Purpose-built blockchain for native stablecoin and real-world asset (RWA) issuance and interoperability, functioning as the primary liquidity layer for 50+ IBC-enabled blockchains and processing billions in transaction volume.
- Noble Dollar (USDN) Yield-bearing stablecoin powered by M0 Protocol, fully collateralized (104%+) by short-duration U.S. Treasury Bills with programmatic, composable yield routing to users, liquidity pools, or vaults.
- USDC on Noble Circle's USD stablecoin natively issued on Noble for the Interchain, providing canonical USDC liquidity redeemable 1:1 for U.S. dollars with reserves held by BlackRock and BNY Mellon.
- Noble EVM Layer 1 Upcoming standalone EVM Layer 1 blockchain purpose-built for stablecoin applications, featuring sub-second block times (<500ms finality), permissionless deployment, and dedicated payment lanes for global money movement.
- $NOBLE Token Governance and economic-alignment token for the Noble protocol, tying protocol decisions and value back to stablecoin usage across the network and allocated via USDN Points to active users.
- USDY on Noble Ondo's USDY yield-bearing tokenized note secured by short-term U.S. Treasuries, issued natively on Noble and yielding approximately 4.2% APY.
- EURe on Noble Monerium's MiCA-compliant Euro stablecoin issued natively on Noble, collateralized by segregated Euro deposits and integrated with the SEPA framework.
- USYC on Noble Hashnote's US Yield Coin backed by Short Duration Yield Fund (SDYF), invested in short-term U.S. Treasury Bills with repo activity for institutional yields.
- FRAX / sFRAX on Noble Frax Finance's FRAX stablecoin and sFRAX staked variant, issued natively on Noble using a partially collateralized/algorithmic peg model with sFRAZ providing short-term U.S. Treasury rate exposure.
- Progmat on Noble Progmat's Japan-regulated stablecoin issuance platform (MUFG-backed joint venture) issuing compliant USD/JPY stablecoins natively via Noble with IBC interoperability via TOKI.
Quantifiable outcome
- 95% of USDN holders (35K wallets) interacted with the points vault with average deposit value of $2.5K
- +5 more outcomes
Companies that use Noble
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles3 records
Noble technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration11 records
Feature8 records
Noble partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered core and strategic.
- CommonwarecoreCommonware provides the EVM L1 solution for Noble's migration, offering open-source Rust primitives for building modern blockchains. Powers the upcoming EVM L1 with Simplex consensus.
- RethcoreReth is the Ethereum execution client written in Rust that powers Noble's EVM L1, providing high-performance execution for the new blockchain.
- FairblockcoreFairblock is bringing privacy to Noble's EVM AppLayer through confidential transfers, balances, and selective disclosure using multimodal cryptography (homomorphic encryption, zero-knowledge proofs, threshold IBE). This enables privacy-preserving stablecoin applications with regulatory compliance.
- MoneriumcoreMonerium brings EURe, the first authorized stablecoin in Europe and most used on-chain Euro-backed stablecoin by transaction volume, natively to Cosmos via Noble. EURe is MiCA-compliant and integrated with SEPA, enabling seamless bank-to-blockchain transfers. Noble serves as the native asset issuance platform for EURe in the interchain.
- Ondo FinancecoreOndo Finance's USDY (US Dollar Yield Token) is issued natively on Noble, bringing tokenized US Treasuries to the Cosmos ecosystem. USDY offers 4.2%+ APY and combines accessibility of stablecoins with high-quality yield.
- CirclecoreCircle is Noble's first and primary issuance partner, bringing native USDC to the Cosmos and IBC ecosystem through Noble. USDC issued on Noble is the canonical version for 50+ IBC-enabled blockchains, with native minting and redemption via Noble. This partnership catalyzed hundreds of millions in liquidity for Cosmos.
- HashnotecoreHashnote's USYC (US Yield Coin) is natively issued on Noble. USYC invests in short-term US Treasury Bills and provides short-term risk-free rate returns through tokenization, eliminating protocol, custody, regulatory, and credit risks.
- Frax FinancecoreFRAX's stablecoin and sFRAX (staked FRAX) are natively issued on Noble, expanding Frax Finance's presence into the Cosmos ecosystem. FRAX employs an innovative model using collateralized and algorithmic functions for peg stability.
- ProgmatcoreProgmat, a joint venture supported by Japanese financial institutions including Mitsubishi UFJ Financial Group, is preparing to issue Japan-regulated stablecoins (USD/JPY) via Noble. TOKI collaborates with Progmat to ensure interoperability through IBC.
- M0coreM0 Protocol provides the infrastructure for Noble Dollar (USDN), with Treasury Bill holdings verified and transparently indicated. USDN is 104% collateralized by US Treasuries with 104% collateral coverage audited by M0.
- Wormhole (NTT)coreWormhole's Native Token Transfer (NTT) framework enables USDN's seamless multichain transfers across the modular ecosystem, providing cross-chain interoperability infrastructure.
- SimplexcoreSimplex is the novel consensus protocol (Commonware's consensus::threshold_simplex module) providing blazing-fast transaction ordering for Noble's EVM L1.
- HyperliquidstrategicHyperliquid is the target for USDN's managed vault deployment, where users can deposit USDN for additional yield through lending products on HyperEVM including HypurrFi, Hyperbeat, and Hyperlend.
- CelestiastrategicNoble brings native USDC and stablecoin issuance to Celestia rollups, providing sovereign rollup developers with direct access to canonical stablecoins out-of-the-box.
- OsmosisstrategicPrimary DEX in Cosmos ecosystem and early adopter of Noble USDC, using TokenFactory module for stablecoin integration and trading pairs.
- CoinbasestrategicCoinbase integration enables direct USDC withdrawals to Noble and fiat offramps through Coinbase for Noble users.
Scale indicators18 records
Recent moves8 records
Expansion highlights7 records
Noble competitors and assessment
Company assessmentDirect peers
- Plume Network: Plume is an EVM-compatible Layer 1 purpose-built for real-world asset (RWA) tokenization and compliant yield-bearing assets, sharing the Best RWA/Privacy Chain award with Noble in 2025/2026. Both are RWA/stablecoin-centric L1s chasing institutional asset issuance, though Plume leads with EVM-native architecture while Noble is migrating from Cosmos.
- Celo: Celo is an EVM-compatible mobile-first Layer 1 purpose-built for stablecoin payments and DeFi, and was one of the first chains to natively host USDC and other stablecoins. Like Noble, Celo positions itself as a stablecoin-centric chain though it targets the mobile/payments user versus Noble's issuance-and-interop approach.
- Canton Network: Canton Network is an institutional Layer 1 focused on synchronized real-world asset tokenization, privacy, and compliance for regulated financial institutions. It shares the Best RWA/Privacy Chain award with Noble and Plume, and is the most direct competitor for regulated asset issuance and confidential transactions.
- Stellar Development Foundation: Stellar is a Layer 1 blockchain purpose-built for stablecoin issuance, cross-border payments, and tokenized assets, with deep integrations with issuers like Circle (USDC), Franklin Templeton, and MoneyGram. It targets the same RWA/stablecoin corridor as Noble but with a far longer operating history and broader retail payment distribution.
- M0: M0 is the stablecoin infrastructure protocol that powers USDN — providing the minting, redemption, and reserve verification framework. As Noble's co-developer of the flagship yield-bearing stablecoin and broader stablecoin architecture, M0 is uniquely comparable in terms of stablecoin issuance rails.
- Algorand: Algorand is a Layer 1 blockchain that has hosted multiple regulated stablecoin and tokenized asset issuers (USDC, Maple, Lofty) with a focus on payments and asset issuance. Comparable to Noble in positioning around regulated stablecoin and RWA issuance, though at materially larger scale and with a longer track record.
Emerging players
- Wormhole Foundation: Wormhole provides cross-chain messaging and Native Token Transfer (NTT) infrastructure used by Noble for USDN multichain distribution. Compared to Noble's IBC+CCTP+NTT+Hyperlane stack, Wormhole is a cross-chain protocol rather than a stablecoin issuance chain — making it an interoperability partner and partial competitor for cross-chain stablecoin volume.
- LayerZero: LayerZero is an omnichain interoperability protocol supporting stablecoin transfer across 70+ chains via OFT standard. It overlaps with Noble's Orbiter routing and IBC packet-forwarding middleware as a competing general-purpose stablecoin transfer rail, though neither issues stablecoins natively.
Broad incumbents
- Circle Internet Group: Circle is the issuer of USDC and operates the Cross-Chain Transfer Protocol (CCTP), plus a new in-house Arc L1 for stablecoin-native finance. Circle is Noble's most important issuer partner — every USDC unit on Cosmos routes through Noble — making it simultaneously customer, partner, and emerging competitor as Circle expands self-managed issuance rails.
- Coinbase (Base): Coinbase's Base chain is one of the fastest-growing EVM L2s for stablecoin volume and DEX activity. While Base is a general-purpose L2 rather than stablecoin-specific, it serves as both a distribution endpoint (Coinbase USDC withdrawals to Noble) and a competing venue for stablecoin-native applications following Noble's EVM L1 migration.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights8 records
Customer concentration
Noble social profiles
Digital presenceNoble compliance and trust
Trust signalCompliance2 records
Noble financial estimates
Financial estimateRevenue estimate
Valuation estimate
Noble leadership team
Management profileNumber of profiles
Profiles3 records
Noble funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Noble M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Noble
What does Noble do?
Noble provides a purpose-built blockchain infrastructure for native issuance of stablecoins and real-world assets (RWAs), serving as the canonical, regulated liquidity layer for the Cosmos/Interchain ecosystem. Its flagship offering is the Noble Blockchain and the USDN yield-bearing stablecoin collateralized by U.S. Treasury Bills, complemented by modules (TokenFactory, Orbiter, Forwarding, Swap) and partnerships enabling native issuance of USDC, USDY, EURe, USYC, FRAX, and Progmat on Noble for distribution to 50+ IBC-connected chains.
Is Noble a public or private company?
Noble is a private company. It is classified as venture growth investor backed and is currently operating.
When was Noble founded?
Noble was founded in 2023. It employs 11 to 50 people.
Where is Noble based?
Noble is headquartered in Etobicoke, Canada, in the North America region.
How does Noble make money?
Two revenue lines are on record. Transaction/Network Fees are the primary driver. The others are protocol Services.
Who are Noble's main competitors?
Direct peers on record are Plume Network, Celo, Canton Network, Stellar Development Foundation, M0 and Algorand. Emerging players are Wormhole Foundation and LayerZero. Broad incumbents are Circle Internet Group and Coinbase (Base).
Does Noble have an API?
Yes. Noble provides developer tools including a swap module, forwarding module, and Orbiter middleware. Developers can access documentation at docs.nobleassets.xyz and GitHub repositories (github.com/noble-assets/noble, github.com/noble-assets/swap, github.com/noble-assets/forwarding, github.com/noble-assets/orbiter). The Orbiter API enables constructing payloads with desired actions and destination for cross-chain orchestration. Developer documentation is at docs.nobleassets.xyz.
What industry is Noble in?
Noble's product category is Stablecoin and Real-World Asset Blockchain Infrastructure. Its primary akta.pro industry code is FSADADAE, Mint/Redeem, Issuance APIs & Treasury Operations Platforms, with a secondary code of FSAGAMAD, On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury). Its NAICS code is 52321 and its SIC code is 6200.