Stablecoin issuer Circle is investing in a new layer 1 blockchain as a way to expand the use cases for USDC, its dollar-pegged digital asset.
At a new company blog postAccording to the Sei Network (SEI) – which claims to be the fastest blockchain in the world – Circle’s venture capital arm says it is investing in it to expand the usefulness of USDC.
Some of the use cases include instant transaction settlements, improved access to cross-border payments, and improving the liquidity of digital asset markets for Sei users and developers.
“Sei is specifically designed to address the primary use of cryptocurrency: the exchange of digital assets. This blockchain is not only fast; it is the fastest, achieving a time to finality of 390 ms and boasting unparalleled speed. Sei is positioned as the answer to the industry’s long-standing need for efficiency and scalability.
Through the integration with Sei, USDC will offer developers and entrepreneurs around the world something they’ve never had before: the ability to build products and commerce globally, quickly and cheaply on an open platform, with instant transaction settlement.
USDC on Sei will unlock more efficient and accessible means for cross-border transactions, improve existing payment infrastructure and significantly increase the liquidity of the digital asset markets for users and developers on Sei.”
As Wyatt Lonegram, director at Circle Ventures, says:
“The Sei ecosystem aligns with our commitment to partnering with founders and teams committed to open access and programmable trading. We look forward to working closely with the Sei team on integrating USDC for developers and users for fast and cost-efficient transactions on the network.”
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Generated image: Midjourney