USDC stable coin issuer is raising a lot of capital. Circle is closing a $440 million fundraising round to finance its growth.
The crash of crypto stocks during May does not translate into investor distrust of companies in the crypto ecosystem. As a result, the company Circle is finalizing a record-breaking fundraising round.
The issuer of the USDC stable coin, the 2nd largest stablecoin by capitalization after the USDT, is making a new round of funding official. This one results in $440 million in funding, which will allow it to fuel international growth and development.
Circle’s goal is to “create sustainable and trusted digital financial and payment solutions on public blockchains. “USDC already has a presence on multiple blockchains, including Stellar and Solana.
Circle also has payments giant Visa as a partner. For the first time, Visa processed a cryptocurrency (USDC) payment directly on the Ethereum blockchain in March.
Circle claims more than 100 million transactions on its platform, 10 million retail customers and more than 1,000 businesses. For its development, the publisher can rely on a major partner, Coinbase.
Circle is the main developer of the USD Coin (USDC), in collaboration with the Nasdaq-listed American exchange and the Centre Consortium. Between them, they oversee the standards and protocol for “the fastest digital currency in dollars”.
Stablecoin’s market capitalization is now over $22 billion. And USDC further represents “more than $615 billion in transactions over the past five years. “
With $440 million in new capital, Circle can therefore continue its growth and development. The company is hiring new executives, among other things. It recently welcomed a chief strategy officer, Dante Disparte, and a compliance boss, Jeremy Fox-Geen.
In these times of extreme volatility, stablecoins are a safe bet for investors. Tether and USD Coin, in third and eighth place in the crypto rankings respectively, have remained strong despite the massive market decline.
According to Coingecko, Tether and USDC currently account for 80% of the combined $100 billion capitalization of stablecoins. The total supply of all stablecoins was jumping nearly 190% in the last 90 days.