The Sei crypto project has issued a warning to USDC.n holders to switch to native USDC as soon as possible before the network upgrade scheduled for March.
USDC(or USDC via Noble) is the older version of USDC on the network, issued by Circle on the Noble blockchain and then bridged to Sei. Before Circle issued native USDC directly on Sei, USDC was the primary version of USDC on the network.
There are currently about $1.4 million worth of USDC via Noble in circulation on Sei, a sharp decrease from several million dollars previously, as users gradually switched to the official (canonical) version of USDC .
This coming March, the blockchain will implement a SIP-3 upgrade, migrating the network to EVM-only, and simultaneously removing CosmWasm and the native Cosmos assets. After the upgrade, USDC.n may become inaccessible or lose value on Sei, according to a warning from the project.
The project recommends that small-scale users exchange USDC.n via DragonSwap or Symphony. For larger amounts, the project suggests using the tool on Brr, which allows batch transactions from Noble to Polygon and then back to Sei via Circle CCTP.
Noble is an appchain within the Cosmos ecosystem, specializing in issuing native assets and Vai as a bridge to bring stablecoins from entities such as Circle, Hashnote, Monerium, and Ondo Finance into the Cosmos/IBC ecosystem.
In late 2023, Circle Ventures invested in Sei and selected Noble as the primary USDC deployment network within the Cosmos ecosystem. Last year, Noble also partnered with the M^0 stablecoin project to Token Issuance Peg to the USD.
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The article "Sei warns USDC .n holder to switch to native USDC before the upgrade" first appeared on CoinMoi .
