Stablecoin issuer Circle is investing in a new Layer 1 blockchain to expand use cases for USDC, its dollar-pegged digital asset.
In a new company blog post, the Sei Network (SEI), which claims to be the world’s fastest blockchain, claims that Circle’s venture capital arm is investing in it to expand the utility of USDC.
Use cases include instant transaction settlement, increased access to cross-border payments, and improving the liquidity of digital asset markets for Sei users and developers.
“Sei was designed specifically for the main use case of cryptocurrencies: trading digital assets. This blockchain is not only fast; It is the fastest, reaching a finish time of 390ms and offering unmatched speed. Sei is seen as an answer to the industry’s long-standing need for efficiency and scalability.
By integrating with Sei, USDC offers developers and entrepreneurs around the world something they have never had before: the ability to build products and trade on an open source platform. global, fast and cost-effective with immediate processing of transactions.
USDC on Sei will unlock more efficient and accessible means for cross-border transactions, improving existing payments infrastructure and significantly improving the liquidity of digital asset markets for users and developers on Sei.
Wyatt Lonegram, head of Circle Ventures, said:
“The Sei ecosystem aligns with our commitment to working with founders and teams committed to open access and programmable commerce. We look forward to working closely with the Sei team on USDC integration for developers and users to enable fast and cost-effective transactions on the network.