This repository contains a native Cosmos SDK module that implements the Noble Dollar, $USDN. The Noble Dollar is the first stablecoin leveraging M^0's canonical stablecoin building block, $M, as its foundation. Its purpose is to serve as a dollar stablecoin that programmatically directs yield to the Cosmos ecosystem! Read the announcement article by The Block.
Because the Noble Dollar is collateralized by $M, issuance can only happen by locking $M as collateral on Ethereum. This is done by utilizing M^0's Portal product, their custom cross-chain bridge powered by Wormhole's Native Token Transfer specification.
The module continuously keeps track of every $USDN holders principal on Noble, based on the latest rebasing multiplier from the M^0 protocol on Ethereum. This allows users to claim their yield on demand, whenever an updated multiplier is delivered from Ethereum.