Manager of the popular stablecoin USDC, Circle Internet Financial has announced that they’ve entered into an agreement for a $400 million funding with investment from Blackrock Inc., Fidelity Management & Fin Capital.
Circle issues USD Coin (USDC) that has a market cap of about $51 billion. As of writing, the stablecoin dominates 2.8$ of the stablecoin market.
Expanding on its partnership with Blackrock, Circle detailed:
“In addition to its corporate strategic investment and role as a primary asset manager of USDC cash reserves, Blackrock has entered into a broader strategic partnership with Circle, which includes exploring capital market applications for USDC.“
Co-founder and CEO of Circle, Jeremy Allaire said:
“Dollar digital currencies like USDC are fueling a global economic transformation.Moreover, Circle’s technology infrastructure sits at the center of that change.”
Also, Allaire further talked about the importance of the partnership with Blackrock and other major companies:
“With the Blackrock partnership, we are expanding on our existing relationship with Blackrock for managing significant assets for the reserves that back USDC to explore new ways that USDC can be adopted in tradfi capital markets applications.”
Finally, the CEO of Circle said:
“As the U.S. seeks out a leadership role in digital currency, we firmly believe that the strength of private sector innovation, building on an open financial system on public blockchains, can cement America’s leadership role in the internet economy.”
Moreover, he also elaborated:
“This is a huge milestone on the road towards mainstream adoption of digital currency.“
Moreover, Circle expects to finish the deal in the second quarter of this year.
Related Stories: