Stablecoin issuer Circle has raised $400 million in a funding round that attracted Wall Street major investors like investment management firm BlackRock.
The moves reportedly show the growing acceptance of cryptocurrencies among Wall Street’s major companies and related technologies.
BlackRock’s Chief Operating Officer, Rob Goldstein, says that the company believes that blockchain technology will suit its client base.
BlackRock has also signed a deal with the USDC issuer around opportunities in the capital markets applications for stablecoin. The fund manager oversees the stablecoin’s cash reserves.
Circle’s Chief Executive Officer, Jeremy Allaire, welcomes the partnership terming BlackRocks as a strategic partner. Allaire reiterates that USDC is driving a global economic transformation.
Stablecoin has risen to be an important asset in the cryptocurrency space for its use in trading other volatile assets. USD is currently ranked as the fifth-largest cryptocurrency, with a market capitalization of over $50 billion.
BlackRock’s boss, Larry Fink, announced last month that the company was looking at use cases of stablecoins and its clients.
Source: Bloomberg