Lede
Noble, a venture capital-backed blockchain platform originally designed as a neutral liquidity hub for stablecoin and tokenized real-world asset issuance, has announced its intention to move from the Cosmos ecosystem to Ethereum. On Tuesday, the project revealed it will migrate its current Cosmos SDK-based blockchain architecture to a standalone Ethereum Virtual Machine (EVM) layer 1 network. This architectural shift is scheduled for an official launch on March 18. Since its inception in 2023, the platform claims to have processed a transaction volume exceeding $22 billion across its infrastructure.
The network currently supports approximately 30,000 monthly active users and functions as the primary liquidity layer for more than 50 different blockchains. The transition is driven by a need to evolve into a network that supports real end-user stablecoin applications and decentralized finance (DeFi) systems. By moving to a standalone EVM layer 1, the project seeks to transcend its original Cosmos-based roots. This move is intended to tap into the wider developer community that is already established within the Ethereum ecosystem. The platform’s history as a liquidity hub provides a foundation for this next phase of development as it seeks a more performant environment for its growing user base and future product roadmap.
Context
The decision to switch to an EVM-compatible architecture is rooted in a strategic desire for a better tech stack and improved performance. The Noble team noted that the rationale for this migration includes accessing open-source “Commonware” through a Rust-based blockchain framework and the Reth Ethereum client. These components are expected to provide superior performance compared to previous technical solutions. Furthermore, the move is intended to address scaling limitations inherent in the Cosmos architecture, which the team indicated were constraining the ongoing development of their products.
By adopting the Reth client and Rust frameworks, Noble aims to provide a high-performance environment that caters to the needs of developers who are already deeply integrated into the Ethereum ecosystem. Key features of the new chain include:
- Transaction finality times of less than 500 milliseconds for faster processing.
- The implementation of permissionless smart contract deployment for all developers.
- Dedicated payment lanes specifically designed to prioritize real-world payment transactions over other network traffic.
- A continued and central strategic focus on the network’s own native stablecoin.
The team emphasized that Ethereum-compatible layers provide better user and developer accessibility because the Ethereum Virtual Machine is where the majority of crypto developers currently work. This transition is expected to remove technical constraints and allow for more robust product development in the future.
Impact
Noble’s transition occurs against the backdrop of its own internal financial metrics and the performance of its native stablecoin, the Noble Dollar (USDN). Currently, the Noble Dollar has a market capitalization of approximately $36 million. This figure represents a significant decrease from its peak issuance, which reached $128 million in July 2025. According to recent data, the issuance of USDN has declined by 72% from those historical highs to reach its current levels. The migration to an EVM-based layer 1 may be viewed as a strategy to revitalize the asset’s utility and market presence within the dominant Ethereum-based financial landscape.
Ethereum is currently recognized as the industry standard and the dominant network for both stablecoins and tokenized real-world assets. Market analysis indicates that Ethereum maintains a commanding market share of 66% in these specific sectors when including its various layer-2 solutions and other EVM-compatible chains. By aligning more closely with this ecosystem, Noble positions its liquidity services within a network that already handles the vast majority of stablecoin and RWA activity globally. This strategic alignment is intended to place Noble’s $22 billion in processed volume and its status as a primary liquidity layer for over 50 blockchains into a more high-growth environment. The project aims to utilize this dominant market share to stabilize and grow its internal assets.
Outlook
The migration of Noble highlights a growing trend where major crypto projects are increasingly using Ethereum as their primary infrastructure layer. This shift is not unique to Noble; several other prominent entities have made similar moves over the past year. For instance, in April of last year, FIFA announced the migration of its NFT platform from Algorand to a new EVM-compatible chain. Additionally, the XRPL EVM sidechain reached a milestone in June when it officially launched on its mainnet. These moves suggest that Ethereum’s network effects are drawing projects from diverse ecosystems.
Injective also followed a similar path by launching its own EVM chain in November, while other networks such as Sei have also been looking at stronger integration with Ethereum Virtual Machine technology. These collective movements underscore a consolidation toward EVM as a primary standard for blockchain development and asset issuance. As Noble prepares for its March 18 launch, its transition reflects a strategic bet on the long-term dominance and scalability of the Ethereum tech stack. The focus on features like sub-500 millisecond finality and dedicated payment lanes suggests that the project intends to compete for high-frequency, real-world payment volume. This move places Noble in a competitive position to capture a portion of the record-breaking stablecoin transfer volumes that have characterized the Ethereum network recently.
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