Circle Announced an Agreement for a $400 Million Funding Round

Stablecoin issuer, Circle Internet Financial has announced an agreement of $400 million for the funding round from backers including investment giants BlackRock and Fidelity Management and Research.

The funding round is expected to close in the second quarter and Marshall Wace LLP and Fin Capital will also participate in this funding round. 

BlackRock is also planning to form a strategic partnership with Circle and help Circle to explore capital markets for USDC. The move highlights the growing interest and adoption of digital currencies by mainstream financial institutions.

Jeremy Allaire the Co-Founder and CEO of Circle, has said, “Dollar digital currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure suits at the center of that change. This funding round will drive the next evolution of Circle’s growth.” After Tether, Circle’s USDC is the second-largest stablecoin by market cap.