Add Noble-issued USDC (`usdc.noble`) to the Regen Ledger currency allowlist

Governance
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1

Governance Proposal: Enable usdc.noble on Regen Ledger

Title:
Add Noble-issued USDC (usdc.noble) to the Regen Ledger currency allowlist

Summary:
This proposal enables the use of Cosmos-native USDC — specifically usdc.noble — on Regen Ledger by adding it to the currency_allow_list. This unlocks USDC for use in the Regen Marketplace and future IBC-native flows, enabling dollar-denominated ecocredit purchases and broader ReFi utility.

:puzzle_piece: Context & Motivation

  • Noble is the official Cosmos-native issuance chain for Circle USDC
  • Native USDC already circulates in Cosmos via IBC (e.g., Osmosis, dYdX, Neutron)
  • Regen currently only supports axlUSDC, which is a custodial bridge asset
  • Enabling usdc.noble improves UX, reduces trust assumptions, and positions Regen to settle real-world ESG payments with native stables

:hammer_and_wrench: Technical Details

  • IBC Channel Required:
    Regen ↔ Noble (to be established with relayer support)

  • Initial Denom:
    "usdc.noble"
    (IBC hash will be updated once the channel is live, e.g. ibc/7A3...)

  • Marketplace Config Update:
    Add to currency_allow_list in x/marketplace:

{
  "denom": "usdc.noble",
  "display_denom": "USDC",
  "decimals": 6,
  "enabled": true
}

  • Frontend Coordination:
    Regen Marketplace frontend will be updated to:

    • Show USDC as a purchase/retirement option
    • Display balances and denom trace correctly

  • Fee Token (Optional):
    Future updates may allow USDC as a transaction fee token (x/feegrant), pending community discussion

:money_with_wings: Future Incentive Alignment (non-binding)

  • Follow-up proposals may introduce:

    • REGEN/USDC LP incentives (on Regen or Osmosis)
    • Offset campaigns funded in USDC
    • Eco-credit retirements matched or subsidized in stables

:repeat_button: Relayer Coordination Needed

This proposal assumes an IBC channel between Regen and Noble will be established. Once passed, relayer support will be needed to activate the channel and register the usdc.noble denom on Regen.

Interested relayers (e.g., Strangelove, Notional, others) are invited to coordinate in Regen Discord or governance forums.

:ballot_box_with_ballot: Governance Impact

  • Yes: Adds usdc.noble to Regen’s currency allowlist, enabling Cosmos-native stablecoin flows and supporting real-world ESG use cases
  • No: Regen continues to rely on bridged custodial tokens (axlUSDC), with reduced credibility and reach
2

Refer to: Add USDC.noble to the Regen Marketplace currency AllowList

3

If USDC Noble isn’t on the allowlist yet, I support it getting listed!

1 Like
4

Yes please. I’m surprised this wasn’t done earlier.

1 Like
5

Just to clarify for anyone wondering:

:white_check_mark: This proposal only adds usdc.noble to the Regen Ledger currency allowlist.
:locked: It does not require IBC channel setup or relayer coordination yet.
:brick: It’s a governance param that can be set in advance of technical implementation.

That means:

  • Devs can later open the Noble ↔ Regen IBC channel

  • Relayers (e.g. Notional/Strangelove) can begin routing packets

  • UI maintainers can add support to the Marketplace frontend

By passing this now, we clear the way for the ecosystem to move smoothly when infra is ready.
Let’s get native USDC flowing into real-world climate finance. :seedling:

6

Question for Regen devs and governance stewards:

Since both usdc.noble and usdt.kava follow the exact same param update process — could they be submitted as a single on-chain governance proposal that adds both to the currency_allow_list?

From a coordination and implementation standpoint, bundling them might reduce proposal fatigue and speed up support for native stablecoins.

7

I’m fully in favor.
Until we enable the IBC channel and have any applications that use these tokens, I’m not sure that it really does much for us, but there is no harm in approving them to the allowlist. I suppose it’s one less step that a dapp would have to take when launching on Regen Ledger.

8

Once IBC channels are live and frontend hooks are in place, this unlocks:

  • Direct stablecoin purchases of ecocredits

  • On-chain retirement flows using Noble USDC / Kava USDT

  • Storing and routing capital natively on Regen Ledger, with climate value built in

We just need someone with proposal rights to submit the combined param change and prep the JSON.