Circle invests in Layer 1 blockchain Sei to unlock USDC use cases

9:48 pm
November 15, 2023

**Circle Ventures into Layer 1 Blockchain Sei with Strategic Investment to Enable USDC Use Cases**

Circle Ventures, the investment wing of USDC stablecoin issuer Circle, has made a strategic investment in Layer 1 blockchain Sei, the firms announced. This move aims to provide developers and entrepreneurs on the Sei network with access to fast and instantaneous transaction settlements using the USDC stablecoin.

The strategic investment also includes “go-to-market advice around Circle’s stablecoin infrastructure”, and will enable developers and entrepreneurs to leverage the USDC’s global, cheap, and immediate transaction settlements when creating and deploying products. This investment signifies an enhancement in cross-border transactions and liquidity for Sei network users and developers.

Samy Karim, director at the Sei Foundation, expressed excitement about strategically working with Circle Ventures to create new use cases for USDC that utilize Sei’s infrastructure. Karim emphasized the increasing significance of stablecoins for the overall growth of the crypto industry, stating that Sei’s scalable infrastructure can meet the demand for stablecoin integration.

USDC, the second largest stablecoin in the market behind USDT, has been expanding its presence across the ecosystem. Its recent integration with the Ethereum layer 2 network Optimism has allowed for institutional on and off-ramps to and from the platform.

Sei, which officially launched its mainnet in August, has 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.

**FAQs**

**Q: What is USDC?**
A: USDC is a stablecoin, pegged to the US dollar, that is issued by regulated financial institutions.

**Q: What is Sei?**
A: Sei is a Layer 1 blockchain that provides a scalable infrastructure for decentralized applications and financial services.

**Q: How will the investment in Sei benefit developers and entrepreneurs?**
A: The investment in Sei will provide developers and entrepreneurs with access to fast and instantaneous transaction settlements using the USDC stablecoin, enabling them to leverage its global, cheap, and immediate transaction settlements when building and deploying products.

**Q: What are the recent expansions of USDC?**
A: USDC recently expanded to the Ethereum layer 2 network Optimism, allowing for institutional on and off-ramps to and from the platform.


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