Circle to issue USDC on the Sei blockchain

Circle’s venture arm — the issuer of the USDC stablecoin — invested in the L1 Sei project. The amount of the investment was not disclosed.

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Announcing that @circle_ventures has invested in Sei, the fastest Layer 1 blockchain to unlock novel use cases for Circle’s USDC in the ecosystem. pic.twitter.com/DpcSfRf2yx

— Sei ? (@SeiNetwork) November 15, 2023

“USDC on Sei will unlock more efficient and accessible cross-border transaction capabilities, improve the existing payment infrastructure and significantly increase liquidity of digital asset markets for users and developers,” according to the blog.

Sei Foundation Director Sami Karim expressed confidence that the Sei project can provide “a perfectly scalable infrastructure” to meet demand for stablecoins as the crypto market grows and matures.

Sei Network — a Layer 1 blockchain focused on exchange trading. In April, the project team raised financing of $30 million at a valuation of $800 million.

In August, the developers of the L1 blockchain conducted an airdrop of native tokens, but recipients were dissatisfied with the modest rewards.

Earlier ForkLog reported that Circle has $1 billion allocated to bolster its position in the stablecoins segment.

USDC is the second-largest stablecoin by market capitalization after Tether’s USDT. The crypto asset’s share in its segment accounts for 18.9%.

Circle is considering a potential IPO in early 2024.