Published: 13.04.2022
Article reading time:
2 minutes.
Circle, the issuer of the USDC stablecoin, plans to raise $400 million in a new funding round. The funds will be used to study the impact of USDС on traditional markets and the global economy.
According to the cryptocurrency payment company Circle, the management company BlackRock is a strategic investor in the announced funding round. Also involved in fundraising are Fidelity Management and Research, Marshall Wace LLP and Fin Capital. The round is expected to end in the second quarter of this year.
With the funds raised, Circle will partner with BlackRock to explore the impact of USDC on the global economy. BlackRock will manage the stablecoin’s cash reserves. Circle CEO Jeremy Allaire noted the importance of USDC for markets and the development of the global economy as a whole.
“Digital dollar currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure is at the center of this change. This round of funding will drive the next evolution of Circle’s growth,” Ellire said.
More than $50 billion worth of USDC is currently in circulation, according to Circle. Last July, the company reported that about 61% of USDC is backed by fiat money and money market funds. Circle was valued at $9 billion earlier this year after closing a deal with Concord Acquisition Corporation to list shares on the NYSE.
Circle said last August that it “intends to become a nationwide full-reserve commercial bank.” The plans of the USDC stablecoin issuer included the creation of a financial institution with rights and opportunities that go beyond traditional banking.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
