In acknowledgment of the rising acceptability of traditional finance for the developing cryptocurrency, Circle Internet Financial Ltd., the issuer of USD Coin, the second-largest stablecoin, has obtained $40 million in investment from a partnership that includes BlackRock Inc. and Fidelity Management & Research LLC.
BlackRock explores the possibilities of using USD Coin in the capital market
The new investment demonstrates how Wall Street’s top names are preparing for a surge in cryptocurrency and associated technology use. BlackRock CEO Larry Fink stated last month that the business is looking into using digital currencies and stablecoins to serve consumers.
According to CoinGecko, USD Coin, the fifth-largest cryptocurrency, has a market value of over $50 billion and is the second-largest stablecoin by market value, behind Tether.
Jeremy Adler, Circle CEO, stated, “Digital dollar currencies like USDC are powering the global economic revolution.”
In February, Circle renegotiated the terms of a proposed merger with specialty acquisition firm Concord Acquisition Corp., bringing the total transaction value to $9 billion.