Sei Blockchain has issued a warning to holders of USDC.n stablecoin, recommending switching to “USDC native” ahead of the network upgrade scheduled for March.
USDC.n, also known as USDC via Noble, is the older version of USDC on the Sei network. This token was originally issued by Circle on the Noble blockchain and bridged to Sei. Before Circle deploys USDC native directly on Sei, USDC.n has served as the official USDC version and was the most widely used on the network.
Currently, the amount of USDC via Noble circulating on Sei is approximately $1.4 million, a significant decrease from the several million USD previously, as users continue to swap to the standard (canonical) version of USDC on Sei.
In March, Sei plans to implement a major upgrade, SIP-3, marking a complete transition to an EVM-only blockchain. This upgrade will remove CosmWasm as well as native assets from the Cosmos ecosystem on Sei.
Noble is an appchain within the Cosmos ecosystem, specifically designed for issuing native assets within the Cosmos/IBC ecosystem. This network acts as an intermediary between stablecoin issuers — including Circle, Hashnote Labs, Monerium, and Ondo Finance — and Cosmos blockchains, facilitating stablecoin integration into the ecosystem.
Sei warns that after the upgrade, USDC.n may become inaccessible or lose value on the network. The project recommends small-volume users to use DragonSwap or Symphony for conversions. For large holders, Sei suggests using Brr’s conversion tool, which consolidates transactions from Noble to Polygon, then brings assets back to Sei via Circle’s CCTP protocol.
By the end of 2023, Circle Ventures invested an undisclosed amount into the Layer 1 Sei network, shortly after Circle established a partnership with Noble. This positions Noble as Circle’s primary USDC deployment network within the Cosmos ecosystem. Last year, Noble also partnered with the new stablecoin project M^0 to support the USDN token pegged to USD.
Tach Sanh
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