Why has $SEI been on the rise these past few days?

I was curious, and until today when I saw Circle's IPO documents, I finally figured it out:

The Circle IPO announcement shows that the token with the largest holdings by Circle is not $ETH, not $BTC, but $Sei??

Why is the stablecoin giant holding Sei? I have some guesses, and you can share your thoughts in the comments:

1️⃣ Sei is a chain specifically designed for trading, with low latency and high concurrency; USDC is in need of this "high-speed runway";

2️⃣ It is not a copy-paste EVM compatible chain, but directly supports order books at the base layer, suitable for on-chain CLOB and various settlements;

3️⃣ Circle likely sees Sei as the future "on-chain Swift," positioning itself in advance for the settlement layer.

What Circle, as an old financial institution, values is often not the excitement, but whether the puzzle of infrastructure can be completed.

What do you think?

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