- Layer 1 blockchain Sei welcomes USDC as Circle makes strategic investment
- USDC will provide Sei developers and entrepreneurs access to fast and instantaneous transaction settlements
Circle Ventures, the investment arm of USDC stablecoin issuer Circle, has made a strategic investment in Layer 1 blockchain Sei, the firms announced on Wednesday.
The strategic investment includes “go-to-market advice around Circle’s stablecoin infrastructure,” the Sei team noted. The stablecoin‘s integration will also see developers and entrepreneurs benefit from USDC’s global, cheap and instantaneous transaction settlements when building and deploying products.
It also means improved cross-border transactions and liquidity for users and developers on the Sei network.
“The entire Sei team is thrilled to work strategically with Circle Ventures, to create brand new use cases for USDC that leverage Sei’s infrastructure,” said Samy Karim, director at the Sei Foundation.
Karim noted that stablecoins are increasingly crucial for the overall growth of the crypto industry. Sei provides the scalable infrastructure needed to accommodate this demand, he added.
USDC expansion continues
Circle’s USDC is the second largest stablecoin in the market behind USDT, and has seen significant expansion across the ecosystem. The stablecoin recently expanded to Ethereum layer 2 network Optimism.
As CoinJournal reported in August, the partnership between Circle and Optimism brought native USDC to the OP Mainnet, allowing for institutional on and off-ramps to and from the platform.
Sei, which officially launched its mainnet in August, raised $30 million in a round backed by Jump Crypto and Multicoin Capital in April. It also secured $50 million from crypto exchange Bitget and venture firm Foresight.