BlackRock Blesses USD Coin with Investment in Circle Internet Financial

Posted on 04/12/2022


Circle Internet Financial is an issuer of USD Coin (USDC). USD Coin is a digital stablecoin that is pegged to the United States dollar. USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle. Dollar digital currencies like USDC are fueling a global economic transformation. USDC is one of the fastest growing dollar digital currencies with over US$ 50 billion in circulation as of February 2022. Circle is the second largest stablecoin by market cap, following only Tether (USDT). USDC was first announced on 1May 15, 2018 by Circle and was launched in September of 2018. Circle is a peer-to-peer payments technology company founded by Jeremy Allaire and Sean Neville in October 2013.

Circle Internet Financial entered into an agreement for a US$ 400 million funding round with investments from BlackRock, Inc., Fidelity Management and Research, Marshall Wace LLP, and Fin Capital. The funding round is expected to close in the second quarter of 2022.

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.

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