Circle raises $400 mln, teams up with BlackRock to develop USDC
Circle, the issuer of the world’s second-largest stablecoin USDC, has raised US$400 million in its latest funding round with major investments from BlackRock and Fidelity Management and Research, as the stablecoin issuer looks to explore possibilities with the traditional financial world.
See related article: Circle’s growth outpaces Tether as it doubles valuation
Fast facts
- Circle is expected to close the funding round in the second quarter, while the stablecoin issuer continues working toward a merger with a special purpose acquisition company, which values the company at US$9 billion.
- BlackRock, set to serve as a primary asset manager of USDC cash reserves, has also entered into a broader partnership with Circle to explore more market applications of the stablecoin.
- Meanwhile, Circle is in the process of compiling an application to operate as a bank in the U.S., Bloomberg Wednesday reported.
- USDC is a fast-growing stablecoin pegged to the U.S. dollar with over US$50 billion in circulation.
- Circle previously raised US$440 million in its last funding round in May 2021.
See related article: Why are stablecoins overwhelmingly backed by the US dollar?
