Asset Guide - USDC

Guide to $USDC on Sei

The following methods are available as of Feb 20, 2025

Bridge $USDC to Sei network

Method: Bridge $USDC to Sei via CCTP (No slippage)

1. Bridge USDC to Sei

   1. Go on the Yei bridge.

   2. Connect your wallet and select the source chain. Choose SEI EVM as the destination. (Avalanche is the fastest source chain with ~3 mins arrival time)

      

      

      

      
2. Supply USDC on Yei

   1. Navigate to the Yei Finance page. Connect your wallet and locate USDC and click on "Supply" to the right

   2. Enter the amount and confirm the transaction.

      

That's it! 🎉 You are now utilizing your USDC to earn extra reward and Yei points.

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Bridge $USDC out of Sei network

Method 1: Using Stargate via Yei bridge (Fastest, but subject to slippage)

The easiest way to bridge USDC out of Sei is through Yei Bridge via Stargate. However, this method is subject to slippage, so if you're transferring a large amount, consider using Method 2.

Steps to Bridge Out via Yei Bridge:

1. Navigate to Yei Bridge page and connect your wallet.

2. Select Sei as the source chain and choose your destination chain.

1. Enter the amount of USDC to bridge and review the estimated slippage.

1. Confirm and approve the transaction in your wallet.

1. Wait for the transfer to complete and verify the funds in your destination wallet.

Method 2: Using CCTP via Skip:Go Bridge (Requires multiple steps, but not subject to slippage)

If you're bridging large amounts, this method is a better option (as of February 20, 2025) as it offers 0 slippage. It leverages CCTP but requires additional setup (setting up Keplr wallet).

Steps to Bridge Out via CCTP & Skip:Go Bridge:

1. Transfer $USDC onto your Keplr wallet:

   1. Option 1: Send USDC from your Sei EVM wallet to your Keplr wallet

      • Once you created Keplr wallet, choose Sei network,

      • Copy your Sei Cosmos address

      

      • Go to https://app.sei.io/ to link your Cosmos wallet to retrieve your EVM address

      

      

      

      b. Option 2: Import the private key from your Sei EVM wallet into Keplr Wallet.

2. Visit Skip:Go Bridge, and bridge $USDC from Sei-Cosmos to Noble

Note: do not directly send from Sei to an EVM chain, Skip:go will use the Stargate route, resulting in slippage.

1. Send $USDC from Noble to your desired EVM chain (make sure it’s CCTP before confirming the transaction to prevent slippage)

1. Verify the Transfer:

   1. Wait for the bridge process to complete.

   2. Check your destination wallet to ensure the USDC has arrived.

Both methods have their pros and cons—Stargate is simpler but subject to slippage, while CCTP via Skip:Go Bridge is more complicated but offers no slippage (only transaction fees). Choose the method that best fits your needs.

For large transfers, start with a small test transaction to ensure a smooth process. Once comfortable, gradually increase the amount. Performing multiple test transactions is recommended to understand how the bridge operates.

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What is USDC?

USDC is a fully reserved stablecoin pegged 1:1 to the US Dollar, issued by Circle. It is widely used in DeFi, payments, and cross-border transfers, with transparent reserves regularly audited by independent firms.

Key Characteristics

• USD-Pegged Stability: Pegged 1:1 with the US dollar.

• Regulatory Compliance: Operates under US regulations with regular audits.

• Fiat-Backed Reserves: Fully backed by cash and short-term US Treasuries.

Current Circulating Supply and Liquidity (as of Feb 18, 2025)

• Circulating Supply: 56.48 Billion

About Circle

Circle is a financial technology company founded in 2013 that operates in the digital payments and cryptocurrency space. It is best known for issuing USD Coin (USDC), a stablecoin pegged 1:1 to the US dollar, backed by cash and short-term U.S. Treasuries held in regulated financial institutions. USDC is widely used in crypto trading, cross-border payments, and DeFi, with Circle also providing payment infrastructure services like payment processing, treasury management, and APIs for businesses to integrate digital currency capabilities.

Risks

The primary risks associated with Circle and USDC include regulatory uncertainty, especially in the U.S., which could impact its availability and operations. Maintaining the 1:1 peg during periods of market stress depends on effective reserve management, and any mismanagement could erode trust. Additionally, Circle faces operational risks, competition from other stablecoin issuers, and evolving regulatory requirements that add complexity to its long-term stability in the digital payments industry.

Ways to Obtain USDC

USDC is natively supported on 16 blockchain networks, including Arbitrum, Avalanche, Base, Ethereum, Noble, Polygon, Solana, etc.

To obtain USDC (USD Coin), you can use several methods:

• Centralized Exchanges: USDC can be purchased on platforms such as:

  • Binance

  • Coinbase

  • Kraken

  • OKX

  Purchase Methods:

  • Some exchanges support direct bank transfers, credit/debit cards, or PayPal for fiat purchases (USD, EUR, etc.).

  • USDC can also be acquired by exchanging other cryptocurrencies

• Decentralized Exchanges (DEXs):

  • Swap other cryptocurrencies or stablecoins for USDC on DEXs like

    • Uniswap (EVM)

    • 1inch (EVM)

    • Jupiter (Solana)

    • Symphony (SEI)

• Circle's Official Platform: Businesses and institutions can mint or redeem USDC directly through Circle by depositing or withdrawing USD via bank transfers. (This platform is not available to everyday users).