Circle Internet Financial has entered into an agreement for a $400 million U.S. funding round with investments from BlackRock (BLK) and Fidelity Investments, among others.
Circle is the issuer of USD Coin (USDC). The stablecoin has a market capitalization of $51 billion U.S., based on data from Bitcoin.com. Stablecoins are tied to the price of the U.S. dollar.
Expanding on its partnership with BlackRock, the world’s largest asset manager, Circle said in a news release that: “Dollar digital currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure sits at the center of that change.”
The funding round is expected to close in the second quarter of this year.
