Stablecoin issuer Circle nets $400 million in funding from backers including investment giants Fidelity and BlackRock

• Circle is entering a $400 million funding round with backers including BlackRock, Fidelity, Marshall Wace LLP, and Fin Capital.
• BlackRock will also become a strategic partner with Circle, and help explore new markets for the stablecoin, USDC.

The issuer of stablecoin USD Coin, Circle Internet Financial, announced Tuesday that it entered in an agreement for a $400 million funding round with backers including investment giants BlackRock and Fidelity Management and Research.

Marshall Wace LLP and Fin Capital will also participate, and the funding round is expected to close in the second quarter.

Notably, BlackRock will become a strategic partner with Circle, and will help Circle's exploration of capital markets for USDC. The move highlights the growing interest and adoption of digital currencies by mainstream financial institutions.

"Dollar digital currencies like USDC are fueling a global economic transformation, and Circle's technology infrastructure sits at the center of that change. This funding round will drive the next evolution of Circle's growth," said Jeremy Allaire, Co-Founder and CEO of Circle. "It's particularly gratifying to add BlackRock as a strategic investor in the company. We look forward to developing our partnership."

Circle's USDC is the second-largest stablecoin by market cap, behind Tether.