Layer 1 blockchain project SEI recently issued an important reminder to the community, warning users holding USDC.n to exchange their assets for “native USDC” before the planned network upgrade in March. Failure to do so may result in inability to use the assets or a loss in value. This reminder has sparked significant market attention on SEI’s stablecoin structure adjustment.
USDC.n is an older version of USDC issued via Noble Network and bridged to SEI. Before Circle launched native USDC on the SEI network, USDC.n was the most widely used USD stablecoin within the SEI ecosystem. As Circle introduces SEI native USDC, this transitional version is gradually being phased out.
On-chain data shows that the current USDC.n issued by Noble on the SEI network is approximately $1.4 million, significantly lower than the previous several million dollars. The reason is that more users are actively converting USDC.n into the officially supported native USDC on SEI to avoid potential technical and liquidity risks.
SEI plans to implement a critical SIP-3 upgrade in March. This upgrade will deprecate CosmWasm and the native Cosmos asset system, transforming SEI into a blockchain architecture that only supports EVM. SEI officials have explicitly stated that after the upgrade, USDC.n may become inaccessible on the network or face devaluation risks due to compatibility issues.
For users with different holdings, SEI has provided specific operational suggestions. Small USDC.n holders can directly exchange via DragonSwap or Symphony; larger holders are advised to use the conversion tools provided by Brr to transfer assets in bulk from Noble to Polygon, and ultimately swap back to SEI native USDC through Circle’s CCTP cross-chain protocol.
Noble is an application chain supported by the Cosmos ecosystem, focused on issuing native assets for Cosmos/IBC networks. It acts as an intermediary between stablecoin issuers like Circle, Hashnote Labs, Monerium, Ondo Finance, and Cosmos blockchains. As early as the end of 2023, Circle Ventures had invested in the SEI network and promoted the native deployment of USDC on SEI.
Overall, this USDC.n migration reminder is not only a technical upgrade notice but also reflects SEI’s accelerating move towards the EVM ecosystem. For users concerned with SEI upgrades, USDC.n risks, SEI native USDC, and stablecoin cross-chain migration, completing the exchange in advance will be a key step to reduce uncertainty.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Maji deposited 100,000 USDC into HyperLiquid to increase the ETH long position, currently with a floating profit of over $200,000.
Foresight News reports that, according to Onchain Lens monitoring, Magji deposited 100,000 USDC into HyperLiquid to increase its ETH long position (25x leverage), currently with an unrealized profit of over $200,000.
GateNews3h ago
Apollo Crypto will manage the USDC-pegged tokenized strategy mEVUSD
Apollo Crypto announces the launch of the mEVUSD tokenized yield strategy product, in collaboration with Everstake and Midas, aiming to generate returns from idle stablecoins. Apollo will be responsible for managing the portfolio and reducing market risk through DeFi protocols.
GateNews6h ago
Oil prices surge, interest rate cut expectations cool down! Circle benefits as the target price breaks $100
U.S. stablecoin giant Circle recently surged nearly 8% in stock price, hitting a four-month high, due to soaring oil prices and a cooling of interest rate cut expectations. Mizuho Securities raised its target price to $100, while maintaining a "Neutral" rating, but became more optimistic about profit prospects. Analysts believe that if the Federal Reserve continues to keep interest rates high, Circle's revenue will benefit accordingly, but market competition and regulatory pressures should still be watched carefully.
区块客9h ago
On-chain EWY's largest long position hit the rebound of the Korean stock market, with a return on holdings reaching 115%
On the Hyperliquid platform, the largest long whale holding the iShares Korea ETF mapping contract cash: EWY successfully turned a profit, with unrealized gains reaching $310,000, a position size of $6.42 million, and an average price of $126. After a rebound, EWY's price this morning rose to $134, a 6% increase.
GateNews15h ago
Circle has minted 2 billion USDC over the past 2 days
Odaily Planet Daily reports that, according to Lookonchain monitoring, stablecoin issuer Circle has minted 2 billion USDC in the past 2 days.
GateNews03-04 16:16
