Circle’s new funding round fetches $400M with BlackRock, Fidelity as backers

Circle’s new funding round fetches 0M with BlackRock, Fidelity as backers

, the issuer of the second-largest stablecoin USDC, announced on April 12 that it has, so far, raised $400 million from its ongoing funding round. The round is expected to close in the second quarter of 2022.

BlackRock, Fidelity Management and Research, Marshall Wace, and Fin Capital are some of the companies to participate in the round, a press release issued Tuesday revealed.

In addition to investing in the firm, BlackRock, the world's largest asset manager, has also become a strategic partner for Circle where both the companies will jointly explore “capital market applications” for USDC stablecoin. BlackRock will also function as the primary asset manager of USDC cash reserves.

“Dollar digital currencies like USDC are fueling a global economic transformation, and Circle's technology infrastructure sits at the center of that change,” said Jeremy Allaire, Co-Founder and CEO of Circle, adding, “It's particularly gratifying to add BlackRock as a strategic investor in the company. We look forward to developing our partnership.”

Launched by Circle and exchange Coinbase in 2018, USDC is a US Dollar-backed stablecoin with a market capitalization of $51 billion, making it the second-largest stablecoin after Tether's USDC.

The investment round comes on the heels of its partnership with banking giant BNY Mellon who, as of April 1, acts as the primary custodian for USDC reserves.

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