Nobody likes a black swan event. But there's an issue rumbling in cosmos that I don't think get's talked about enough. USDC on Noble, and what if Circle decided to discontinue support? Let's look at some numbers. USDC issued on Noble is shrinking. At the end of 2024, there was over $500m USDC issued on Noble chain. However, this has shrunk to below $345m now, and is on a downward trajectory. Remember, this is a time where USDC issuance on every chain is up only. Now let's look deeper at that $345m USDC that is issued on Noble. A whopping $250m is used in DYDX only! Is one app enough to sustain the majority of USDC Noble Issuance? We all know the story of DYDX v4, and their move away from EVM to Cosmos and IBC in 2023. Well, what happens if they do a SEI, and decided to move back to EVM? Would it spell an end to Noble USDC as we know it? Liquidity is already terrible in Cosmos. This would likely be a final nail in the coffin. I welcome your thoughts.