When the first stablecoin meets high-performance Layer1: Why Sei stands out

On July 10, Circle officially announced that following the mainstream ecosystems such as Ethereum, Solana, Base, and Arbitrum, native USDC and CCTP V2 were officially integrated and landed on Sei. This not only means that Sei has become another "head chain" in the USDC integration matrix, but also a positive recognition of its ecological strength and development potential.

What is CCTP V2? In a word, it is a new generation of cross-chain transfer protocol (Cross-Chain Transfer Protocol) created by Circle, focusing on "senseless cross-chain" and one-stop efficient capital circulation. Through CCTP V2, users and developers can safely and smoothly transfer native USDC between 13 mainstream public chains and 156 routes without cumbersome bridging processes, and without worrying about liquidity fragmentation and handling fee losses. This experience is like the free flow of US dollar cash between different cities, without a sense of boundaries and friction.

The significance of this integration is far more than just "adding a new chain". For a public chain, whether it can obtain native support from USDC has long become an important indicator of whether the ecosystem is active and whether the real traffic is sufficient. USDC itself is the world's largest regulated US dollar stablecoin. Behind every expansion of Circle is a deep recognition of the user base, capital volume and developer ecology on the chain. Now, Sei has become one of the few chains with "native USDC support", which is equivalent to officially joining the "mainstream chain club". This not only means that more funds, users and developers will converge on Sei, but also indicates that the prelude to a new round of ecological prosperity has begun.

This is a bull market for stablecoins

When discussing native USDC and CCTP V2 support, we might as well take a broader perspective and see how the general trend of the entire industry guides this round of "stablecoin bull market".

Let's start with the capital market. Since last year, the news that Circle submitted an IPO application has continued to attract industry attention, and its performance after listing has been even more amazing.

On June 5, 2025, Circle officially landed on the New York Stock Exchange (code CRCL) with an issue price of $31 per share. The closing price on the first day soared to $83.23, an increase of 168.5%, and the market value quickly exceeded $18 billion, becoming one of the strongest performing IPOs in the past four years. After the first day's increase, Circle's stock price continued to rise, with a cumulative increase of more than 500% by mid-June. As of early July, the stock price once reached nearly $300, and the market value climbed to about $56 billion.

Following closely is the policy level. The passage of the US "Stablecoin Act" undoubtedly gave the entire industry a "reassurance". The White House, Congress, and federal regulators have reached a rare consensus, not only recognizing the currency status of stablecoins, but also explicitly requiring a series of "high standards" such as 100% reserves, compliance review, and redeemability. This means that stablecoins are no longer "experiments" in the gray area, but "official monetary tools" protected by US law and endorsed by the state. For developers, institutions, and funding parties, the implementation of this policy dividend means that the spring of compliance has really arrived.

With the passage of the US Stablecoin Act (GENIUS Act), major Wall Street banks have joined the stablecoin track. JPMorgan, Citi, Bank of America, Morgan Stanley, etc. have expressed their intention to enter the stablecoin field in the second quarter earnings conference call.

In the past year, the growth rate of stablecoins has far exceeded that of most mainstream public chain native assets. Whether in terms of transaction volume, payment settlement, or cross-border circulation, USDT and USDC have long occupied the top spot of "on-chain dollars". Looking back and rereading the ideal of "peer-to-peer electronic cash" in Satoshi Nakamoto's white paper, today's stablecoins are just closer to this idea.

Therefore, whether a public chain has a mainstream native stablecoin has become a "barometer" to measure the health of its ecosystem - the issuance and increase of stablecoins often means real user demand and capital inflow; conversely, once the stablecoin is actively destroyed and withdrawn from a chain, it means that the chain's traffic is exhausted and it is heading towards "silence".

Therefore, the official integration of native USDC and CCTP V2 on Sei is also a recognition of Sei's steady growth from this perspective.

Sei's Steady Growth

Putting Sei, a new public chain, on-chain activity data has also been impressive in the past six months. Since the beginning of 2025, TVL has soared from US$208 million to US$600 million, with an increase of 188% this year. The number of Dapps launched in the ecosystem has exceeded 200, the developer community continues to be active, and innovative projects emerge in an endless stream. The main network performance is based on "ultra-fast EVM compatibility" and is about to usher in a "Giga upgrade", which will greatly improve the expansion capacity. Indicators such as daily transaction volume, active users, and token prices on the chain are all rising, and almost every data curve is setting a new record high.

Over the past year and a half, Sei's rapid growth in the on-chain ecosystem has been confirmed by multi-dimensional data curves.

Sei's TVL growth may also benefit from Takara Lend and Yei Finance. At present, Takara Lend's TVL has exceeded the 100 million US dollar mark, with an annualized interest rate of USDT as high as 15.64%, and an annualized interest rate of USDC also reaching 14.79%. Takara Lend is evolving from a simple lending agreement to a programmable credit platform, building a "credit layer" for DeFi, so that crypto assets can not only be used for investment, but also support real payments. Yei Finance is the largest lending project on the Sei chain, with a TVL of $380 million, ranking first in the ecosystem.

Look at the average daily DEX trading volume: Before July 2024, the daily trading volume of decentralized exchanges on Sei was mostly concentrated below $10 million, and the ecosystem was still in its infancy. Since September 2024, waves of projects and users have poured in, allowing the average daily trading volume to quickly exceed $100 million; since 2025, with the construction of compliant funding channels such as USDC and CCTP, and the diversification of the AMM ecosystem - including centralized liquidity, limit orders, cross-chain transactions and other functions, Sei DEX's daily trading volume has repeatedly refreshed the peak of $80 million to $100 million, showing a double increase in market activity and user stickiness.

Finally, the market value (Market Cap) trend: Sei tokens have started a continuous rebound from a market valuation of less than $300 million at the end of 2023. In early 2024, with the first round of ecological airdrops and the launch of the main network, the market value quickly soared to $1.8 billion; although there was a periodic pullback afterwards, it always maintained a support level of more than $1 billion. In March 2025, with the involvement of more institutional investors and compliant investment tools, the market value climbed to a high of US$2.8 billion again, and has recently fluctuated upward in the range of US$2 billion to US$2.5 billion. This synchronous growth in the three curves of TVL, trading volume and market value fully proves that Sei, as a high-performance Layer-1 public chain, is attracting multi-level liquidity from retail investors to institutions, and its ecology continues to grow and its value continues to be realized.

At the same time, Sei was also selected by the Wyoming Stablecoin Committee as a candidate deployment chain for WYST (a US stablecoin backed by fiat currency). WYST plans to use LayerZero to achieve cross-chain bridging, which means that in the future, more stablecoins backed by sovereigns or institutions will also be prioritized on Sei.

In the field of RWA, another heavyweight project has landed on Sei. On July 17, 2025, Ondo Finance, the RWA tokenization platform, announced that its flagship USDY (United States Dollar Yield) token has officially landed on the Sei network, becoming the first on-chain treasury bond asset deployed on this ultra-high-speed Layer-1 public chain. USDY is currently running on multiple chains, with a TVL of more than $680 million, providing an annualized return of approximately 4.25% to individual and institutional investors around the world (excluding the United States). This integration not only deeply combines high-grade treasury bond returns with Sei's tens of thousands of transactions per second, but also marks Sei's official impact on the institutional DeFi market.

Not only that, Sei is promoting a revolution in underlying technology with "Giga upgrades" as the core. The latest Giga white paper points out: self-developed high-throughput EVM client: through pre-compilation, transaction dependency static analysis and parallel execution, billions of gas (Gigagas) per second can be achieved; Autobahn multi-lane consensus: breaking through the bottleneck of traditional single proposer, multiple proposers are packaged in parallel, and the final confirmation time is compressed to less than 700 milliseconds; asynchronous state submission and efficient storage path: using asynchronous state root generation, write-before log and batch write strategy, contract execution and state writing are decoupled, significantly reducing latency.

In internal testing, the Sei team deployed a data network with 40 verification nodes distributed in Singapore, Germany, Ohio and Oregon, and simulated real-world latency and bandwidth limitations. In this environment, Sei Giga has stably achieved a throughput of 5 Gigagas/s and maintained sub-second confirmation, which is truly "Web2-level on-chain performance".

These developments - from financial protocols to technical foundations - not only enrich Sei's ecological gameplay, but also further enhance the platform's capabilities in credit, compliance, and cross-chain asset carrying. Whether it is TVL, transaction volume, lending rates, or stablecoin compliance deployment and high-performance upgrades, Sei is accelerating simultaneously on multiple tracks, fully confirming its growth momentum as a high-performance Layer-1 public chain.

USDC & CCTP V2 integration is a major benefit to Sei

The integration of native USDC and CCTP V2 is not only a functional upgrade for Sei, but also a "value leap" at the ecological level. Whether it is user experience, capital flow, developer ecology, or industry voice, all key variables will usher in qualitative changes.

First of all, as mentioned above, for every on-chain user, native USDC itself means "confidence" and "efficiency". As the world's most mainstream compliant stablecoin, USDC has 100% reserves, 1:1 US dollar redemption and top regulatory endorsement. Both ordinary users and institutions can enjoy the convenience of capital inflow and outflow without obstacles. For professional funds, through channels such as Circle Mint, high deposits, withdrawals and liquidations are supported, with both compliance and liquidity. The addition of native USDC also allows Sei users to directly enjoy the security and convenience of Circle's global payment network. Whether it is DeFi players, project parties, or large fund managers, they can switch US dollars on and off the chain without obstacles.

But greater imagination comes from the multi-chain network of CCTP V2. CCTP V2 not only enables free cross-chain transfer of native USDC between Sei and 13 mainstream chains such as Ethereum, Solana, Arbitrum, Base, and Optimism, but also covers up to 156 capital flow routes. For users, cross-chain transfers no longer require various "cumbersome bridges", no need for repeated exchange, no need to worry about liquidity stratification and slippage, and truly achieve "one-click switching, seamless experience".

For developers, CCTP V2 directly opens the door to the multi-chain world - you can build seamless cross-chain DEX, cross-chain wallets, on-chain funding pools, GameFi, payment scenarios, RWA, on-chain finance and other new products based on Sei, allowing users to enjoy smooth USDC payments, exchanges and asset flows on any chain.

Sei can also become a "multi-chain bridgehead" for the entire crypto world, not only taking on the traffic of this chain, but also attracting a steady influx of users, assets and developers from outside chains such as Ethereum and Solana.

The era of USDC on Noble is a thing of the past. With the arrival of native USDC, Circle and the Sei Foundation are working together to promote the orderly migration of liquidity from the Noble version of USDC to Sei's native USDC. This not only brings higher asset security and transparency, but also greatly improves compliance and the ability to connect to global DeFi and CeFi scenarios.

More importantly, the driving effect of Circle's "native ecology" will prompt more international funds, mainstream compliant users and institutional players to give priority to Sei as their on-chain home. Every liquidity upgrade is a leap in Sei's ecological credit, scale and brand power.

Furthermore, Circle's access also brings a reassessment of Sei's global influence and brand premium. In addition to the liquidity of stablecoins themselves, it also means that partners, Dapps, compliance institutions, and even traditional financial giants in the Circle ecosystem have the opportunity to enter Sei together, paving the way for new tracks such as on-chain US dollar deposits and loans, RWA (on-chain assets), treasury bond issuance, and cross-border settlement. History has proven many times that after the integration of native USDC, the on-chain fund activity and ecological scale of each mainstream public chain will usher in a new round of explosion.

For all those who pay attention to the future of Sei, this is not only a technical upgrade, but also an entrance to a new bull market era-on-chain funds, users, and innovation will use USDC as a "bond" to push Sei onto a new stage.

Is the TVL of the Sei ecosystem accelerating? Is the market value and circulation of stablecoins expanding rapidly? Will innovative products on the chain and multi-chain scenarios usher in a new round of concentrated outbreaks? These changes will directly determine Sei's industry status as the "next hot public chain."