Cryptocurrencies

BlackRock, Fidelity Back Stablecoin Firm Circle in $400 Million Funding Round

Wall Street prepares for wider adoption of digital currencies
BlackRock to explore capital-market applications for USD Coin

WATCH: Circle CEO Jeremy Allaire discusses the $400 million in funding the company recieved from a group of institutional investors including BlackRock and Fidelity. Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Yueqi Yang and Silla Brush

April 12, 2022 at 12:52 PM UTC

Updated on

April 12, 2022 at 1:31 PM UTC

This article is for subscribers only.

Circle Internet Financial Ltd., the issuer of USD Coin, the second-largest stablecoin, landed $400 million in funding from a group that includes BlackRock Inc. and Fidelity Management and Research LLC, in a sign of traditional finance’s growing acceptance of the exploding cryptocurrency industry.

BlackRock, based in New York, also entered into a broader partnership with Boston-based Circle, including exploring capital-market applications for USD Coin, in addition to serving as a primary asset manager for the stablecoin’s cash reserves. Other investors include Marshall Wace LLP and Fin Capital, according to a statement Tuesday.