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USDC stablecoin issuer Circle raises $440m to drive growth

Updated: Jul 25, 2024
Published: May 28, 2021
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Circle, the issuer of the USDC stablecoin, has raised $440 million and will use the funds to drive growth and expand its market.

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Circle raises $440 million following recent growth

The stablecoin market is one of the fastest-growing in the cryptocurrency space. Circle, the issuer of the USDC stablecoin, is now looking to expand its market after raising millions of dollars from some of its major investors.

The company announced earlier today that it had raised $440 million from its latest funding round. Jeremy Allaire, the CEO of Circle, announced this via a series of tweets. He said, “Circle has raised $440M in a strategic financing to accelerate our growth and market expansion.  This comes on the heels of extraordinary growth in USDC adoption and acceleration across our business.”

He added that the investors include Marshall Wace, Willett Advisors, Fidelity Management and Research Company, Merchant Capital, Digital Currency Group, Intersection Fintech Ventures, Atlas M FTX, and several others.

 

The cryptocurrency company said it would use the funds to expand its team. “Circle is now poised to meet significant global demand for its products and services aimed at marrying the existing financial system with breakthroughs in digital currency within payments and finance,” the company said. Allaire added that the company is hiring experts in various fields.

Circle sees huge growth in 2021

USDC is the second-largest stablecoin in the world, behind Tether (USDT). The stablecoin reached hit a new milestone earlier this week, after crossing the $20 billion mark for the first time in its history. At the start of the year, USDC’s market cap was $4 billion, but it has grown b roughly 500% since then.

The stablecoin’s adoption has also grown, with Sam Bankman-Fried’s FTX exchange and Blockfolio integrated USDC into their platforms earlier this month. Thanks to this partnership, FTX and Blockfolio users can settle bank transfers and credit card transactions in USDC.

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