Encourage USDC Stablecoin Use, Circle Investment On Sei Network

The publisher of stablecoin Circle invests in Sei Network. (Photo; Doc. Cryptocoin)

JAKARTA - Circle, one of the largest stablecoin publishers in the world, invests in Sei Network (SEI), a new layer-1 blockchain that offers speed and high efficiency for digital asset exchange. The investment aims to expand the use of USDC stablecoins, digital assets whose value is pegged to US dollars.

Sei Network is a blockchain project that claims to be the fastest blockchain in the world, with a transaction completion time of only 390 milliseconds. Sei Network is designed to handle the main use of cryptocurrencies, namely digital asset exchange, in a fast, cheap and open way.

By investing in Sei Network, Circle hopes to increase USDC utility, one of the world's most popular stablecoins, with more than 30 billion US dollars in circulation. USDC is a digital asset whose value is always equivalent to one US dollar, and can be used for various purposes, such as payments, trade, and decentralized finance (DeFi).

By integrating USDC with Sei Network, Circle wants to provide developers and entrepreneurs around the world with the ability to build products and trades on global platforms that are fast and cheap, with instant transaction settlements.

USDC on Sei Network will also open up opportunities for more efficient and easily accessible cross-border transactions, improve existing payment infrastructure, and increase digital asset market liquidity for users and developers on Sei Network.

Total Lonegram, principal at Circle Ventures, the Circle venture's capital arm, said that the Sei Network ecosystem is in line with Circle's commitment to working with founders and teams dedicated to open access and programmable trade.

"We hope to work closely with the Sei Network team in integrating USDC for developers and users for high-speed and cost-effective transactions on the network," said Lonegram.