The builder of USDC, Circle Raises $440M

Circle, the crypto-native financial services firm behind the USDC stablecoin, has raised $440 million from a roster of major backers.

The builder of USDC, Circle Raises $440M

The firm announced that the financing included investments from leading private equity, institutional and strategic investors. 

The latest funding round brought the investors in, are Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group, Pillar VC, as well as Michael J. Price and Friends.

The funding round took place as USDC surges in popularity in the stablecoin sector. Administered in partnership with Coinbase, the USD pegged coin is seen as the safer cousin to the industry-leading USDT.

USDC has picked up momentum in recent weeks as it has collaborated with Sam Bankman-Fried’s crypto empire. The team recently announced that the SBF-owned FTX and Blockfolio would become “USDC native.”

Bankman-Fried said, “At FTX we’re excited to partner further with Circle to help expand these capabilities to all crypto users,” in a statement.

Currently, there is total of $22 billion in USDC in circulation, according to Circle and leading crypto aggregator CoinGecko.