The venture arm of Circle, the issuer of the USDC stablecoin, invested in the L1 project Sei. The investment amount is not disclosed.
— Sei 🚢 (@SeiNetwork) November 15, 2023
Sei Foundation Director Sami Karim expressed confidence that the Sei project is able to provide a “perfectly scalable infrastructure” to meet the demand for stablecoins as the cryptocurrency market grows and matures.
Sei Network is a first-level blockchain focused on exchange trading. In April, the project team raised $30 million in funding at an $800 million valuation.
In August, L1 blockchain developers conducted an airdrop of native tokens, but recipients were dissatisfied with the meager rewards.
ForkLog previously reported that Circle has $1 billion allocated to strengthen its position in the stablecoin segment.
USDC is the second “stable coin” by capitalization after USDT from Tether. The share of crypto assets in its segment is 18.9%.
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