According to the Circle IPO application documents, 85% of the USDC reserves in 2024 will be used to purchase US short-term government bonds, with 10-20% held as cash. In addition, Circle has disclosed its holdings of other assets; besides BTC/ETH, it also holds 6.25 million SEI, indicating a relatively diversified investment layout in L1. A brief historical check shows that Circle Ventures made a strategic investment in the SEI network in 2023, attempting to integrate USDC into the SEI blockchain through this strategic partnership, which also aligns with its ecological expansion needs for USDC across various chains.