A community proposal submitted by the dYdX Operations SubDAO would upgrade the protocol to v9.9 and gradually move the reserve backing for on-chain USDC from Noble USDC to Injective USDC. The proposal says users’ existing balances and the USDC denomination used for trading would not change.
Once the migration begins, USDC deposits would enter only through Injective; deposits sent through Noble would be returned. Withdrawals could initially use either Noble or Injective. Even after the Noble reserve is emptied, shutting off Noble withdrawals would still require governance approval.
The proposal recommends an upgrade on November 17 at block height 114220000, but the upgrade itself requires governance approval. TechFlow reported the proposal on November 13, 2026, at 22:24 UTC+8. Original report.