DYDX OPENS GOVERNANCE VOTE ON V9.9 UPGRADE TO MIGRATE USDC BACKING FROM NOBLE TO INJECTIVE
The dYdX Foundation has initiated an on-chain governance vote for the v9.9 software upgrade, proposing to migrate the underlying collateral backing of USDC on the dYdX Chain from Noble USDC to Injective USDC. According to reporting from Foresight News, the voting window is scheduled to conclude on November 16, 2026, at 19:32.
The upgrade introduces a Canonical USDC module in response to issuer Circle's scheduled wind-down of native USDC support on the Noble network. Throughout the migration, on-chain USDC token identifiers and existing user account balances will remain completely unchanged. Once the transition activates, the dYdX Chain will strictly accept incoming USDC deposits exclusively via Injective, while all deposits originating from Noble, including Cross-Chain Transfer Protocol (CCTP) transfers routed through Noble, will be automatically rejected and refunded.
For outbound transfers, users will retain the ability to withdraw funds to either Noble or Injective, though direct withdrawals to alternative blockchains will remain disabled. Once the Noble-backed liquidity supply is fully depleted, withdrawals to Noble will be permanently disabled subject to governance ratification. Deposit and withdrawal rails will automatically pause if on-chain USDC becomes undercollateralized, while core trading engine operations continue uninterrupted. Pending approval, the network upgrade is targeted for completion around 01:00 on November 18.
DYOR. $DYDX $USDC $INJ
The dYdX Foundation has initiated an on-chain governance vote for the v9.9 software upgrade, proposing to migrate the underlying collateral backing of USDC on the dYdX Chain from Noble USDC to Injective USDC. According to reporting from Foresight News, the voting window is scheduled to conclude on November 16, 2026, at 19:32.
The upgrade introduces a Canonical USDC module in response to issuer Circle's scheduled wind-down of native USDC support on the Noble network. Throughout the migration, on-chain USDC token identifiers and existing user account balances will remain completely unchanged. Once the transition activates, the dYdX Chain will strictly accept incoming USDC deposits exclusively via Injective, while all deposits originating from Noble, including Cross-Chain Transfer Protocol (CCTP) transfers routed through Noble, will be automatically rejected and refunded.
For outbound transfers, users will retain the ability to withdraw funds to either Noble or Injective, though direct withdrawals to alternative blockchains will remain disabled. Once the Noble-backed liquidity supply is fully depleted, withdrawals to Noble will be permanently disabled subject to governance ratification. Deposit and withdrawal rails will automatically pause if on-chain USDC becomes undercollateralized, while core trading engine operations continue uninterrupted. Pending approval, the network upgrade is targeted for completion around 01:00 on November 18.
DYOR. $DYDX $USDC $INJ
