Crypto payments company Circle announced a $400 million funding round on Tuesday.
The firm is also partnering with management giant BlackRock as a strategic investor.
The round, expected to close in the second quarter, also drew support from Fidelity Management and Research, Marshall Wace LLP and Fin Capital, the company announced.
By partnering with BlackRock, Circle is looking to explore capital market applications, per the announcement. BlackRock will also play a role as an asset manager of USDC cash reserves.
“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.
The company also stressed that according to its own dashboard, there is currently over $50 billion worth of USDC in circulation.
Circle was recently valued at $9 billion, after closing a deal earlier this year to go public via a Special Purpose Acquisition Company (SPAC).
In the past year, the company has been making moves in the direction of becoming a U.S. national bank. In a filing in August of last year, it argued that a banking framework could reduce the risks around its business, including reliance on third-party payment systems.
It also told The Block in a message that it "intends to become a full-reserve national commercial bank.”