Circle has announced a $400 million funding round and a new partnership with BlackRock

Circle, one half of the Centre Consortium behind stablecoin USDC, has announced a $400 million fundraising from firms including BlackRock, Fidelity Management and Research, and Fin Capital.

Circles raised $ 400 million with the participation of many large organizations

Circle Internet Financial said it would organize a $400 million funding round with the participation of many large investment companies such as BlackRock, Fidelity, Marshall Wace, and Fin Capital.

BlackRock and Circle also revealed a new strategic partnership to focus on exploring capital market applications for USDC, the companies said. USDC, the second-largest stablecoin globally, currently has over $50 billion in circulation, Circle said.

“Dollar digital currencies like USDC are fueling a global economic transformation, and Circle’s technology infrastructure sits at the center of that change,” Jeremy Allaire, co-founder and CEO of Circle said. “This funding round will drive the next evolution of Circle’s growth.”

According to a press release from BlackRock (the world’s largest asset manager), the organization is working on a broader strategic partnership with Circle to help develop a wide range of real-world applications for USDC.

Circle is an issuer of USDC (stablecoin currently has a market capitalization of 51 billion USD in circulation) and is planning to conduct a public merger round through the form of SPAC.

A source familiar with the matter said that the latest round of funding did not change the plan to implement the aforementioned SPAC merger process. Accordingly, this merger round will bring Circle’s valuation to $ 9 billion.

Additionally, Circle previously completed a $440 million funding round in May 2021.

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