According to Fourtune, Circle, the issuer company of USDC, one of the largest stablecoins, announced that it has invested in Sei Network (SEI).
Sei, the layer 1 blockchain launched in August, announced a strategic investment from Circle, issuer of USD Coin, as well as native integration of the popular stablecoin onto its blockchain.
Circle's investment in Sei will allow Sei Network to integrate USDC with its growing suite of applications, such as the popular decentralized exchange Sushiswap.
Samy Karim, director of the Sei Foundation, a non-profit organization that supports the blockchain ecosystem, said in a statement to Fortune:
“As crypto matures, stablecoins will become increasingly relevant to the overall growth of the industry.”
“We look forward to working closely with the Sei team on integrating USDC for developers and users for high-speed and cost-effective transactions on the Sei network,” said Wyatt Lonergan, principal at Circle Ventures, in the statement.
Following the news, SEI rose over 10%.
*This is not investment advice.