Circle Internet Financial, a global internet finance firm and the issuer of digital currency USD Coin, raised $400 million in a funding round from money managers BlackRock, Fidelity Investments, Marshall Wace and Fin Capital.
"In addition to corporate strategy investment and role as primary asset manager of USDC cash reserves, BlackRock has entered into a broader partnership with Circle which includes exploring capital market applications for USDC," Circle Internet Financial said in a news release Tuesday
The amount each manager invested was not provided in the release.
"BlackRock is a primary asset manager for USDC reserves which are rapidly growing. We are exploring use cases where USDC may be an efficient resource in the financial services value chain and will work with BlackRock as an innovation partner," said a Circle spokeswoman in an email.
She did not respond to a request for the amount of USDC cash reserves BlackRock will manage.
USDC had $50.7 billion in circulation on Tuesday, according to Circle Internet Financial's website.
A BlackRock spokesman declined to comment on the firm's investment in Circle and its partnership with the firm.
"Dollar digital currencies like USDC are fueling a global economic transformation and Circle's technology infrastructure sits at the center of that change," said Jeremy Allaire, the firm's co-founder and CEO, in the release.
"It's particularly gratifying to add BlackRock as a strategic investor in the company. We look forward to developing our partnership," Mr. Allaire added.