Stablecoin issuer Circle is investing in a new layer-1 blockchain as a means of expanding the use cases for USDC, its dollar-pegged digital asset.
In a new company blog post, the Sei Network (SEI) – which claims to be the fastest blockchain in the world – says that Circle’s venture capital branch is investing in it to expand the utility of USDC.
Some of the use cases include instantaneous transaction settlements, boosted access to cross-border payments and enhancing the liquidity of digital asset markets for users and developers of Sei.
“Sei is designed specifically to address the primary use case of cryptocurrency – the exchange of digital assets. This blockchain isn’t just fast; it’s the fastest, achieving 390ms time to finality and boasts unparalleled speed. Sei is positioned as the answer to the industry’s long-standing need for efficiency and scalability.
Through integration with Sei, USDC will provide developers and entrepreneurs around the world something they’ve never had before: the ability to build products and commerce on an open platform globally, quickly, and cheaply with instantaneous transaction settlement.
USDC on Sei will unlock more efficient and accessible means for cross-border transactions, improve existing payment infrastructure, and significantly enhance the liquidity of the digital asset markets for users and developers on Sei.”
As stated by Wyatt Lonegram, principal at Circle Ventures,
“The Sei ecosystem aligns with our commitment to working with founders and teams dedicated to open access and programmable commerce. We look forward to working closely with the Sei team on integrating USDC for developers and users for high-speed and cost-efficient transactions on the network.”
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Source: https://dailyhodl.com/2023/11/15/circle-invests-in-layer-one-blockchain-sei-in-move-to-expand-use-cases-for-usdc/