Native USDC. @Backpack exchange. $1.55B volume in SEI perps.
An ETP from CoinShares.
What do these pieces have in common?
You are right. They all point to one thing:
@SeiNetwork’s master plan to become a Tradfi Powerhouse 🧵⬇️

Btw, yesterday was my first time attending an event by @SeiNetwork, and to be honest, I didn't expect it to be so intimate and welcoming.
Markets move faster on Sei.
And we come closer, thanks to Sei.
If you missed my last thread on SEI, feel free to read it before jumping on today's discussion. ⤵️
▸ The adoption of native USDC
Sei Network is the 24th network to adopt native USDC.
Just in case you've missed what does 'native' means: USDC can now be minted directly on Sei, no need to bridged from other networks.
It opens up a wide gate to boost up DeFi on Sei.
Never have I seen synchronization on @SeiNetwork like this.
Native USDC opens up a vast gateway for the entire ecosystem to boostrap their TVL, alongside the growing number of users on Sei.
Let's take a look:
+ @YeiFinance - the top lending protocol on Sei by TVL - welcomes USDC with a competitive 14.32% APY
+ @TarakaLend offers a 9.09% APY on USDC supplies and supports migration from USDC.n (via Noble) to USDC
+ @dragonswap_dex - the leading DEX on Sei by fees generated - provides a direct USDC bridge into Sei and features some staking pools featuring USDC
+ @SailorFi has launched new liquidity pools with a $2m cap for USDC.n/USDC
USDC moves faster on Sei. ($/acc)

Sei's ecosystem has been warmly welcoming USDC, beginning with the top protocols.
Why is this move strategic?
Following the GENIUS Act's approval of a framework to establish stablecoins based on US Treasuries,
➜ A race among stablecoin issuers has begun.

Think of @circle as a country, with $USDC as the main currency.
Sei adopting $USDC isn’t just smart - it’s strategic.
It aligns with US's crypto dominance, boosts dollar velocity, and positions Sei as the settlement layer of the stablecoin era.
Finally, the day has arrived on @SeiNetwork.
Native USDC is now available in your Sei account, opening up vast opportunities to enhance nearly every possibility.
fyi: 'Native' means USDC is directly minted on Sei. The current USDC on Sei is bridged from other networks.
Here are some suggestions for adopting native USDC:
+ Protocols on Sei will start their TVL bootstrap to welcome USDC ➜ It's easy to find a place offering high yields for USDC.
+ Fees on USDC will likely be reduced ➜ It's time to stack up transactions on your favorite protocols.
+ Perpetual trading with USDC is a solid option.
Sei's ecosystem is now enriched with USDC.

Moreover, USDC presents opportunities within traditional finance (TradFi) use cases.
Imagine Web2 products integrated with stablecoins:
+ Money transfer - strongly powered by the Sei V2 infrastructure (soon to be Sei GIGA)
+ Insurance and credit backed by stablecoins
+ Bank savings with stablecoins
and more.

SEI/USD is available on Backpack Exchange.
The trading volume over 24 hours has surpassed $1.55b.
Aside from CEXes, users have struggled to find a DEX to trade perpetual SEI pairs.
Now, we have one available.

▸ SEI ETP Product
@CoinSharesCo has announced the CSEI, an exchange-traded product that tracks the SEI price.
It's not an ETF, but it has a similar effect:
+ Raising awareness among TradFi users of SEI
+ Boosting the Web2 adoption of SEI
+ Paving the way for a SEI ETF
$SEI is taking another step towards Institutional Capital.
fyi: An ETP (Exchange-Traded Product) is a financial securities that track underlying securities, an index, or other financial products.
In this case, this ETP is tracking $SEI - under the name CSEI.
What does this mean for @SeiNetwork?
+ CoinShares - the first crypto manager with MiCA license - introduces the CSEI, paving the way for EU investors to access SEI (almost directly)
+ No management fee
+ Additional 2% yield for the investors
➜ $SEI is about to appear in the massive EU market where ETP products are widely adopted.
Markets Move Faster on Sei. ($/acc)

▸ Sei Gaming
Gaming on Sei hasn't received a significant promotional boost, but let's see how it performs.
The top gaming projects on Sei contribute significantly to a daily UAW of around $740k.
Compare Sei gaming to the Binance Alpha program ➜ every chain needs an engine to keep users engaged.

▸ Final Take
@SeiNetwork is moving steadily forward with a clear strategy: TradFi adoption.
Milestones achieved include native USDC, CCTP V2, and SEI ETP.
All of these traits pave the way to onboard Web2 products to the advanced infrastructure of Sei (including Web2 games).
Big shoutout to the top SEI legends shaping the conversation:
@tezukaTez @0x99Gohan @MoonKing___ @FabiusDefi @Nick_Researcher @TrycVerrse @Tanaka_L2 @marvellousdefi_ @phillip_xyz @jayendra_jog @Only1temmy @_osten @grebbycrypto @Ryuzaki_SEI @belizardd @the_smart_ape @eli5_defi @crypto_rand @erikaleetv @SkylineETH
If you found this thread helpful:
❯ Drop a comment
❯ Repost to help others find it
❯ Follow me @0xAndrewmoh for more insights
On-chain clout starts with shared ideas. Let’s keep building.
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