A new era has dawned for Cosmos, with major stablecoins like USDC arriving in the ecosystem. Range is creating the necessary tools for stablecoins to achieve their full potential in the IBC universe, with best-in-class observability and security.
Range unveiled today the first real-time native explorer for Circle’s native bridging protocol, CCTP, built in collaboration with Noble, called USDC Trail.
The integration of Circle’s USDC, the second-largest stablecoin by market capitalization, into the Cosmos ecosystem marks a new era for the IBC ecosystem. A healthy stablecoin market is crucial to a flourishing Web 3 ecosystem, radicallly increasing available liquidity, and unlocking many new DeFi opportunities.
Read more: Stablecoins in the Cosmos ecosystem
However, this new market maturity phase comes with its own set of challenges. With greater liquidity comes greater responsibility. We need better tools to explore and monitor the vast influx of USDC that we expect to land in the Cosmos ecosystem.
That’s exactly what USDC Trail does; it provides a real-time window to all USDC transactions and flows between Ethereum, Layer 2s such as Arbitrum and Base, and the Cosmos and modular ecosystems.
This increased observability is critical for both users and developers building on top of CCTP. USDC Trail can detect if transactions are stuck, or confirmation times are lagging, affecting the overall user experience. Moreover, it also brings a new lens to detect anomalous transactions (either in size or by counterparties) and any inconsistencies in the overall security health of the brige.
With this new bridge explorer, Range recognizes the critical role that USDC will play in the Cosmos ecosystem and demonstrates our deep commitment to innovating on IBC security.
Other than more features for USDC Trail, Range is developing a bridge monitoring suite featuring operational and security alerts customized to CCTP.
Range is the security platform for app-specific blockchains and rollups, with a focus on the Cosmos ecosystem and bridges such as the Inter-Blockchain Communication Protocol (IBC). Range's product suite encompasses tools for monitoring, threat detection and prevention, analytics and forensics, in order to strengthen the security of the interchain and modular ecosystems.