DYdX proposes USDC backing shift from Noble to Injective
The v9.9 upgrade will route future USDC deposits and withdrawals through Injective, leaving existing balances and positions untouched.
Key takeaways
- 1New USDC deposits and withdrawals will be routed through Injective under the v9.9 plan
- 2Existing USDC balances, collateral and open positions remain unchanged
dYdX announced on 14 November 2026 that it will shift the backing of its USDC deposits from Noble to the Injective ecosystem as part of its upcoming v9.9 upgrade. The change is outlined in a governance proposal that seeks community approval.
The v9.9 plan will reroute all new USDC deposits and withdrawals through Injective while leaving existing USDC balances, collateral and open positions unchanged. The adjustment is intended to avoid disruption to traders who already have active positions on the platform.
dYdX is a leading decentralized exchange that offers perpetual futures and margin trading to crypto users. USDC is a dollar‑pegged stablecoin that many DeFi protocols use for collateral and settlement. Noble currently acts as the custodian for the USDC that underpins dYdX’s lending pool, while Injective provides a cross‑chain infrastructure that can host the stablecoin and enable faster asset movement. Its wide acceptance makes the choice of custodian a strategic decision for liquidity providers.
The shift signals dYdX’s intent to broaden its technical stack and may streamline cross‑chain liquidity for users. Traders will watch the rollout of v9.9 for any friction in deposit flows, fee adjustments, and updates from Injective on integration progress. The move could set a precedent for other DeFi platforms seeking alternative custodians.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.