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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
Bloomberg business news
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
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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.