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The dYdX Chain v9.9 software upgrade introduces Canonical USDC, which moves the USDC backing on dYdX Chain from USDC on Noble to USDC on Injective. This follows Circle's deprecation of USDC on Noble (Circle announcement here), which was addressed previously by the dYdX Foundation.

For users, trading continues as normal day to day. USDC on dYdX Chain keeps the same denom, and balances don’t change because of the migration. What changes is how USDC enters and leaves the chain: deposits now come from Injective, and withdrawals go out as USDC on Injective. Noble withdrawals stay available for a limited time, so plan on using an Injective address.

TL;DR:

• No action needed for USDC already on dYdX Chain. Balances, open positions and collateral are unaffected by the migration.
• Same USDC, same denom. USDC on dYdX Chain keeps its existing denom (ibc/8E27…45B5). Only the asset backing it changes, gradually, from USDC on Noble to USDC on Injective.
• Deposit from Injective, not Noble. Once the migration starts, USDC deposits from Noble will be rejected and refunded on Noble. Deposits will come in through Injective instead.
• Withdrawals go to Injective. Withdrawals are sent as USDC on Injective, so you'll need an Injective address to receive them.
  • Noble exit (temporary)*: Noble withdrawals stay open until governance closes them (expected around early December). Circle’s CCTP v1 burn limit on Noble is currently $250,000 per transaction and is declining. Rate limits are available here.
  • From December 1*: Circle may limit CCTP exits from Noble to destinations that still support CCTP v1 burns, so moving funds on from Noble may need extra manual steps. Use Injective to avoid this.
• Built-in safeguards. If the system detects that USDC on dYdX Chain is not fully backed, it automatically pauses deposits and withdrawals until the issue is resolved.

*date subject to change

How the migration works

The v9.9 upgrade will add a new module, x/canonicalusdc, that keeps track of what backs each unit of USDC on dYdX Chain. Trading, subaccounts, balances and fees all keep using the same USDC as today. Underneath, the module records whether each unit is backed by USDC on Noble or USDC on Injective. The module was independently audited by Informal Systems (Nov 2–9, 2026), and all reported findings have been fixed. The full report is published in the dYdX v4-chain repository.

The migration is gradual and driven by normal deposits through Injective and a designated operator clearing the Noble backing:

• Deposits from Injective add USDC on Injective to the backing. The module holds the USDC on Injective and credits you the same amount of USDC on dYdX Chain.
• Withdrawals to Injective are sent out as USDC on Injective.
• Noble backing shrinks over time. No new USDC on Noble can be deposited into the chain. The remaining Noble backing is cleared through withdrawals to Noble, mainly by a designated operator that withdraws USDC to Noble and redeposits it through Injective, repeatedly, until none remains. Withdrawals to Noble stay open only until that backing is cleared. A governance proposal to turn this route off is expected around early December. Circle's own cutoff for USDC on Noble is January 12, 2027.

Over time, all USDC on dYdX Chain will become backed by USDC on Injective. The pace depends on the operator and the migration's rate limits (Circle rate limits available here), not on user activity.

What you need to do

Traders with USDC already on dYdX Chain: nothing to keep trading. Your balance, open positions and collateral are unaffected by the migration. To withdraw, you will need an Injective address (see below).

Depositing USDC: once dYdX Chain is upgraded to v9.9, you can deposit through Injective. Deposits from Injective are not subject to a dYdX rate limit. Deposits sent directly from Noble, including CCTP transfers routed through Noble and Noble auto-forwarding addresses, will be rejected and refunded to the sending address on Noble.

Withdrawing USDC: withdrawals arrive as USDC on Injective, so have an Injective address ready to receive them. Right after the upgrade, Injective withdrawals may be limited while Injective backing builds (see FAQ). Noble withdrawals remain available in the meantime.

Holding USDC on Injective on dYdX Chain from before the migration: USDC on Injective sent to dYdX Chain before the migration starts is not converted and can't be used as collateral. You can send it back to Injective, then deposit it again once migration is live.

Integrators (wallets, bridges, routers, indexers, explorers, market makers): In short, route deposits through Injective, withdraw on the Injective channel, label the asset as "USDC" instead of inferring Noble from its trace, and handle the new error codes. We encourage Integrators to explore this technical integration guide as reference.

Timeline

The rollout is expected to happen in three stages. Dates are targets and may change.

1. v9.9 software upgrade: Governance proposal expected Fri Nov 13 (3-day voting period); upgrade targeted Tue Nov 17 (around 5:00 PM UTC). The same governance proposal adds the Canonical USDC module and switches on the Canonical USDC routing. Like all dYdX Chain upgrades, it needs to be voted on via governance. At the upgrade height, Noble deposits are rejected and deposits come through Injective. Balances and trading are unaffected.
2. Migration in progress. USDC backing shifts from Noble to Injective as withdrawals by users and the designated operator clear the Noble backing.
3. Migration complete. No Noble backing remains, and governance may turn off withdrawals to Noble (currently expected around early December).

For reference, Circle's Noble currently announced deprecation deadlines are:

• Minting stopped on October 13, 2026;
• Transfer limits start declining on October 31, 2026;
• After December 1, 2026, CCTP exits from Noble may be limited to destination chains that still support CCTP v1 burns; and
• Noble USDC contract and CCTP routes fully paused on January 12, 2027 (final redemption snapshot).

FAQ

Q: Will my USDC balance or open positions change?

A: No. USDC on dYdX Chain keeps the same denom and balance. Positions, margin, PnL and fees are unaffected.

Q: Do I need to convert my USDC on Noble on dYdX Chain to USDC on Injective?

A: No. USDC already on dYdX Chain stays usable as collateral, and its backing shifts to Injective in the background.

Q: Who converts the Noble backing to USDC on Injective?

A: Users do nothing. A designated operator converts the remaining Noble backing in the background. Only withdrawals to Noble reduce it; deposits and withdrawals through Injective do not. There is no separate conversion step for users.

Q: What happens if I send USDC from Noble to dYdX Chain after the migration starts?

A: The deposit is designed to be rejected and the USDC is expected to be refunded to the sending address on Noble. This includes CCTP transfers routed through Noble and Noble auto-forwarding addresses.

Q: Why does my wallet or explorer still show the asset as USDC on Noble?

A: The denom's technical label (its IBC trace) still points to Noble and won't change on-chain. It no longer tells you what backs the USDC. Wallets and explorers are being asked to show it simply as "USDC", for greater clarity.

Q: I already bridged USDC on Injective to dYdX Chain. Can I trade with it?

A: Not as it is. USDC on Injective that arrived before the migration started isn't converted and can't be used as trading collateral. Send it back to Injective, then deposit it again once the chain upgrades to v9.9 to use your USDC as trading collateral.

Q: Can I still withdraw USDC to chains other than Injective, such as Osmosis?

A: No. Once the chain upgrades to v9.9, new USDC can only leave dYdX Chain through Injective (or Noble, while that route stays open). USDC already on other chains can still be sent back to dYdX Chain.

Q: Are there limits on deposits and withdrawals?

A: There is no rate limit on USDC deposits via Injective. Withdrawals to Injective and to Noble count against the same rate limits of $1 million per hour and $10 million per 24 hours. Withdrawals on each route are also limited to the USDC currently backed on that route. Injective backing starts at zero at the upgrade and grows as deposits and the operator's redeposits come in, so larger withdrawals to Injective may be rejected at first. Noble withdrawals remain available meanwhile. Withdrawals exceeding these limits may be rejected, so users should split larger withdrawals or try again later.

Q: Why does my withdrawal show as pending?

A: Withdrawals to Injective are held until the Injective network confirms they have arrived. If a withdrawal fails or times out, the USDC is designed to be returned to your dYdX Chain account.

Q: What happens if something goes wrong?

A: The dYdX Chain is designed to check every block to ensure that USDC is fully backed. If it detects a shortfall, USDC deposits and withdrawals via IBC are designed to automatically pause, without requiring a governance vote or intervention from any party. Trading continues as normal, as only USDC transfers into and out of dYdX Chain via IBC are affected. In-flight transfers can still settle, and governance can determine when to resume transfers.

Q: Does this affect other tokens on dYdX Chain?

A: No. Only USDC is affected.

Q: Do vaults, staking rewards or the treasury change?

A: No. Nothing needs to be migrated for vaults, staking rewards or treasury balances.

This post is for information only and is not financial, legal or tax advice. USDC is issued by Circle. dYdX Labs is not affiliated with Circle, Noble, Injective, Informal Systems or Osmosis. The v9.9 upgrade and related changes are subject to dYdX Chain governance. Dates and timelines are estimates and subject to change, including by governance.

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