Signal support for x/usdcmigration in a future Archway software upgrade (Noble USDC wind-down)
Archway proposal #61: This is a signaling (text) proposal. It executes no code and moves no funds. Proposed by the [Disperze validator](https://x.com/Disperz...
Yes
0%
No
0%
Abstain
100%
Veto
0%
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AI Summary
gpt-6-luna - generated 10/21/2026, 2:06:18 AM
Signal support for x/usdcmigration in a future Archway software upgrade (Noble USDC wind-down)
This signaling proposal asks Archway contributors to include a USDC migration module in a future software upgrade. It executes no code or fund transfers now. A later, separately voted proposal could return Noble’s escrowed USDC and freeze the Archway voucher before Noble fully pauses USDC on 2027-01-12.
- A YES vote signals support for adding the x/usdcmigration module in a future upgrade; this proposal itself changes nothing.
- The module would reject new Noble-to-Archway voucher transfers and block outgoing IBC transfers of the voucher.
- A separate governance vote would be needed to return Noble’s escrowed USDC to a Noble multisig and freeze the voucher.
- Holders could still transfer and trade the voucher locally until it is frozen, but must redeem through Noble before the upgrade if they want to do so themselves.
- The proposal cites about 33,628.67 USDC in Archway voucher supply; repayment is planned in USDC on Injective, with details in a linked plan.
Voter Impact
YES supports preparing a migration mechanism, not carrying it out. Holders who want to redeem the voucher themselves must act before the future upgrade. Adding the module and returning escrow each require separate votes, and the proposal says both should happen well before 2027-01-12.
Risk Signals
- The proposal does not specify when the upgrade or return vote will occur; both are intended before Noble’s 2027-01-12 pause.
- Repayment depends on a later escrow-return process and an off-chain snapshot; repayment-plan details are linked rather than included here.
- The proposal says further details about the Noble multisig signers will be provided if approved.
- The cited voucher supply is a snapshot as of 2026-10-18, not a guaranteed final repayment amount.
Original Proposal Text
This is a signaling (text) proposal. It executes no code and moves no funds. Proposed by the [Disperze validator](https://x.com/Disperze_). ## Background Circle is ending USDC support on Noble: - Minting stopped on 2026-10-13. - CCTP V1 burn limits start shrinking on 2026-10-31. - USDC on Noble is fully paused on **2027-01-12**. After the pause Noble rejects every incoming `uusdc` packet, so the Noble USDC voucher on Archway (`ibc/43897B9739BD63E3A08A88191999C632E052724AB96BD4C74AE31375C991F48D`, received over `channel-29`) can no longer be redeemed. About **33,628.67 USDC** of this voucher is on Archway (supply as of 2026-10-18), and many holders are inactive and will not move it in time. ## Proposal A YES vote asks the Archway core contributors to include the [`x/usdcmigration` module](https://github.com/disperze/usdc-migration) in a later software upgrade. That upgrade would: - Reject new `uusdc` transfers arriving from Noble on `channel-29` (Noble refunds the sender). - Reject outgoing IBC transfers of the voucher on every channel, so the voucher supply stays equal to the USDC Noble holds in escrow for Archway. - Let governance, in a separate proposal, return that escrowed USDC to a Noble multisig in a single IBC packet and freeze the voucher at the same height. Holders are then repaid off-chain from a snapshot taken at that height. The module never touches user balances, mints nothing and needs no module-account permissions. The same escrow return was already used and tested when [Evmos was shut down](https://github.com/disperze/evmos/blob/release/v20/x/ibc/transfer/keeper/sudo_ibc.go). ## What changes for holders From the upgrade height the voucher can no longer be sent back to Noble or to any other chain. Holders who want to redeem it themselves must do so before the upgrade. Local transfers and trades on Archway keep working until the return proposal freezes the voucher. ## Next steps if this passes 1. A software upgrade proposal that adds the module and sets the Noble channel (`channel-29`). 2. A return proposal (`MsgReturnToNoble` + `MsgSetSendEnabled`) naming the Noble multisig. Each needs its own vote, and both must be done well before 2027-01-12. ## Repayment - **Noble multisig signers:** the main validators of the Archway network; further details will be provided if this proposal is approved. - **Holders are repaid in:** USDC (Injective). - **Repayment plan:** [docs/repayment.md](https://github.com/disperze/usdc-migration/blob/master/docs/repayment.md) ## Voting - **YES:** include `x/usdcmigration` in a future software upgrade. - **NO:** do not include it; holders must redeem by themselves before 2027-01-12. - **ABSTAIN:** no preference, counts toward quorum. - **NO WITH VETO:** the proposal is spam or harmful. More details: https://github.com/disperze/usdc-migration/blob/master/docs/proposals/signaling/archway.md