But as the crypto landscape gives rise to a growing number of blockchains and DeFi applications, stablecoin issuers can struggle to distribute their product across a fragmented landscape.
Asset issuance platform Noble has raised $15 million in Series A funding, led by Paradigm. The platform will use the funds to accelerate stablecoin adoption through new user-facing products and expanding its payroll.
Noble serves as an intermediary, working with stablecoin issuers to efficiently distribute their product across 50 different blockchains. The company also provides developers with a seamless user interface to ensure that their appchains are compatible with Noble.
“We're not a monolithic base layer like Solana, Ethereum or even Arbitrum,” said Jelena Djuric, co-founder and CEO of Noble. “We're actually a chain with a validator set that is plugged into 45 or so distinct appchains, where we issue in under a second of block times.”
According to Djuric, there is a growing trend in the blockchain space with builders or companies wanting to build their own appchain. An “appchain” is an application-specific blockchain that is designed to meet the requirements of a company's particular needs. New appchains, like some layer 2s built on Ethereum, are launching every day.
However, this can make it harder for stablecoin issuers to natively launch their tokens in every place. Djuric said that she saw this problem as an opportunity to bridge the gap between stablecoin issuers like Circle and appchain builders by developing a platform that provides increased liquidity.
“We're seeing a trend in the blockchain space more broadly, where a lot of builders or companies are actually wanting to build their own appchain,” Djuric said. “An appchain is an application specific chain, kind of like layer 2s, but built for a company's specific needs. We have new appchains launching every day, like Sui, Aptos, Scroll, Layer Zero, Celestia and Shimmer.”
Noble has already partnered with various stablecoin issuers including Circle, Ondo Finance, Hashnote Labs and Monerium. The company has already attracted over $458 million of assets.
In total, Noble has raised $18.3 million in funding.
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