Circle Ventures invests in Sei to expand USDC ecosystem

Circle Ventures, the venture arm of the stablecoin issuer Circle, made an undisclosed investment to build out the Layer 1 network Sei. 

The investment aims to bring the USDC stablecoin onto Sei for quick, cheap and global transactions, as well as to "significantly enhance" digital asset market liquidity for Sei users and developers, according to a release from Sei. 

"As crypto matures, stablecoins will become more and more relevant to the overall growth of the industry, with Sei providing the ideal scalable infrastructure to accommodate this demand," said Samy Karim, Director at the Sei Foundation, in a statement.

Circle has enacted many recent moves to bolster the USDC ecosystem, such as penning a partnership with Noble and dYdX to make moving USDC to and from dYdX easier as well as releasing updates for USDC and EURC stablecoins for better account abstraction, security and lower gas fees, The Block previously reported. 

Circle Ventures and Sei did not immediately respond to The Block's request for comment or inquiry as to the amount of funding.