A leading stablecoin focused altcoin project has raised $400 million in funding from financial institutions including Blackrock, Fidelity, Marshall Wace and Fin Capital. Among them is Blackrock, who wants to explore the potential of stablecoins in capital markets.
Financial giant BlackRock invests in a stablecoin-focused altcoin project
Circle, the company behind stablecoin USDC, raised $400 million from BlackRock, Fidelity, Marshall Wace LLP and Fin Capital in a fundraising round announced that it was raising funds. BlackRock, the world’s largest asset manager, has “signed a larger strategic deal with Circle that includes exploring capital market uses for USDC,” according to the press release.
Both firms will expand their existing connections where Blackrock has large asset reserves backing USDC as part of the collaboration. In a statement, Circle CEO Jeremy Allaire said:
Dollar-based cryptocurrencies like USDC are fueling a worldwide economic change, and Circle’s technological infrastructure is at the center of this transition. It is very pleasing to have BlackRock join the firm as a strategic investor. We are excited to expand our cooperation.
Meanwhile, BlackRock CEO Rob Goldstein told employees in a note that cryptocurrencies and Blockchain technology will become “increasingly relevant” to the firm and its customers. Circle’s Chief Strategy Officer Dante Disparte, on Twitter, described the news as “an important milestone on the road to corporate adoption” on his part.
About Circle
USDC stablecoin issuer Circle is set to go public through a SPAC merger with $51 billion in circulation to multiple Blockchain projects. The current funding round has no impact on the terms of the SPAC transaction, which valued Circle at $9 billion, according to relevant sources. As we quoted as Kriptokoin.com, Circle previously announced a $ 440 million fundraising round in May 2021. In recent weeks, the company has worked with some of the biggest names in traditional finance. Circle said late last month that BNY Mellon will be the main custodian of assets backing USDC stablecoins.
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