sei̇

Ich schlage vor, dass es steigen sollte. Da es anfangs nicht schlecht gestartet ist. Außerdem ist das Ökosystem nicht schlecht. Keine einfache Kryptowährung, die an nichts gebunden ist. #SEİ

The Sei blockchain has issued an official warning to holders of USDC.n, urging them to migrate to native USDC before the network undergoes a major protocol upgrade scheduled for March. According to Sei, failure to migrate in time could result in loss of access or potential loss of value for USDC.n after the upgrade.
USDC.n, also known as USDC via Noble, is the legacy version of USD Coin on Sei. This token was originally issued by Circle on the Noble blockchain and subsequently bridged to Sei. Before Circle deployed native USDC directly on Sei, USDC.n functioned as the primary and most widely used stablecoin on the network.
However, the situation has changed significantly following the launch of canonical USDC on Sei. On-chain data shows that the circulating supply of USDC.n on Sei has dropped to approximately $1.4 million, down sharply from several million dollars previously, as users continue to migrate to the native version.
SIP-3 Upgrade: Sei’s Full Transition to EVM
The urgency behind the migration stems from Sei’s upcoming SIP-3 upgrade, a major milestone that will transform Sei into a fully EVM-only blockchain. Once implemented, the upgrade will remove CosmWasm support and eliminate native Cosmos-based assets from the Sei network.
This change directly impacts USDC.n, as Noble operates as a Cosmos appchain purpose-built for issuing native assets within the Cosmos/IBC ecosystem. Noble serves as a critical infrastructure layer connecting stablecoin issuers — including Circle, Hashnote Labs, Monerium, and Ondo Finance — with Cosmos-based blockchains.
After the SIP-3 upgrade, Cosmos-native assets bridged via Noble may no longer function properly on Sei, prompting the network’s warning that USDC.n could become inaccessible or economically irrelevant if not migrated.
Recommended Migration Paths
To assist users, Sei has outlined several migration options based on portfolio size:
Retail users with smaller balances are advised to use decentralized exchanges such as DragonSwap or Symphony to swap USDC.n into native USDC.
Large holders and institutions are encouraged to use Brr’s conversion tool, which enables batched transfers from Noble to Polygon, followed by a return to Sei via Circle’s Cross-Chain Transfer Protocol (CCTP).
These methods aim to minimize friction and reduce the risk associated with the transition.
Strategic Context: Circle, Noble, and Sei
The migration aligns with Circle’s broader infrastructure strategy. In late 2023, Circle Ventures made an undisclosed investment in Sei, shortly after Circle formalized its partnership with Noble. This positioned Noble as Circle’s core USDC deployment hub within the Cosmos ecosystem.
In 2024, Noble further expanded its role by partnering with the emerging stablecoin project M^0, supporting the issuance of USDN, a USD-pegged stablecoin backed by tokenized U.S. Treasury exposure.
Final Thoughts
Sei’s warning highlights the operational risks associated with major protocol upgrades, particularly when legacy bridged assets are involved. For USDC.n holders, timely migration is critical to ensure uninterrupted access and value preservation as Sei moves toward its EVM-centric future.
Disclaimer: This article is for informational purposes only and reflects personal research and analysis. It does not constitute financial or investment advice. Readers should conduct their own due diligence before making any financial decisions. The author is not responsible for any losses incurred.
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