Circle, the issuer of USD Coin (USDC), secured $400 million in a funding round led by BlackRock and Fidelity Investments, with help from other investors Marshall Wace and Fin Capital. BlackRock has formed larger cooperation with Circle, which involves the exploration of capital-market uses for the USDC stablecoin. It will also manage the USD Coin’s cash reserves as a principal asset manager. Circle’s sustained strategic growth will be aided by the new fundraising round, which is slated to close at the end of Q2, as demand for dollar-pegged digital currencies and related financial technology services grows globally.
Stablecoin Issuer Circle Secures $400 Million Funding Round