USDC issuer Circle Internet Financial has raised $400 million in funding and formed a strategic partnership with BlackRock to explore capital market applications for the stablecoin.
BlackRock has joined the round - which is expected to close in the second quarter - alongside Fidelity Management and Research, Marshall Wace and Fin Capital.
"Dollar digital currencies like USDC are fuelling a global economic transformation, and Circle's technology infrastructure sits at the centre of that change. This funding round will drive the next evolution of Circle's growth," says Jeremy Allaire, CEO, Circle.
In February, Circle renegotiated a Spac deal with Concord Acquisition Corp, the blank check firm run by former Barclays bigwig Bob Diamond, doubling the firm's valuation to $9 billion. That agreement has an outside date of December 8, 2022, with the potential to extend to the end of January.