PANews reported on January 8th that, according to The Block, the crypto project Sei has warned holders of the stablecoin USDC.n, advising them to exchange their USDC.n tokens for native USDC tokens before the planned upgrade in March. USDC.n, the version of USDC issued through the Noble blockchain, is the older version of the USDC stablecoin previously circulating on the Sei network. Before Circle issued USDC natively on the Sei network, USDC.n was the primary form of USDC asset on that network.

Currently, the USDC.n token circulating on the Sei network via the Noble blockchain is worth approximately $1.4 million. The Sei network plans a major SIP-3 upgrade in March, which will transform it into a blockchain that only supports the Ethereum Virtual Machine (EVM), while gradually phasing out the CosmWasm smart contract framework and Cosmos native assets. The Sei project team stated, "After this upgrade, the USDC.n token may become unusable or lose its value on the Sei network."