Blackrock, Fidelity Back USDC-Medent in $ 400 million

Blackrock, Fidelity Back USDC-Medent in $ 400 million

Kreis, Half of the Center-Konsortium Behind Stablecoin USDC, has a fundraising campaign in the amount of 400 million US dollar from companies such as Blackrock, Fidelity Management and Research and Fin Capital announced.

Blackrock and Circle also announced a new strategic partnership that is to research the investment of capital market applications for USDC, which is supposed to concentrate called . USDC, the second largest stable coin in the world, currently has over $ 50 billion in circulation, said Circle.

"Digital dollar currencies such as USDC are driving a global economic change, and the technological infrastructure of Circle is the focus of this change," said Jeremy Allaire, co -founder and CEO of Circle. "This financing round will drive the next evolution of growth of circle."

The latest round of financing takes place, while the executives of Circle continue to publicly advocate the US supervisory authorities that begin to take a closer look at the rapidly growing stable coin industry. Dante Dispafen, Chief Strategy Officer and Head of Global Policy at Circle, appeared in December in front of the Senate Banking Committee to defend the USDC's place in the global financial landscape.

stablecoins play an important role in providing smart contracts, Dispafen told Senatorers, and are still used in a variety of industries. Without stablecoins, the influence of blockchain technology on the innovation was limited, he stated.

"An open internet dollar functionally becomes one of the few missing links that need to be made possible [Smart Contracts] on a scale," said Dispafen during the hearing. "We are in the opening phase and when people say that we have not passed the test for financial integration, it is assumed that the stable coin is as capable of action as the dollar, and both are obviously wrong."

Flavia Naves, General Counsel of Circle, has also spoken loudly for the need to create regulation that allows innovations, and argues that the proposed rule, banks only allow the issue of stable coins, will effectively end the industry.

"The attempt to assign the existing constructs of traditional banks StableCoin emitters can lead to the entire industry simply banned," Naves said on Thursday during a Virtual Panel Discussion with Merkle Science in December. "I am sure that this is not the desired intention of the supervisory authorities, but it could simply go in this direction."

The participation of blackrock in the financing round and the strategic partnership is "particularly gratifying," said Allaire, and will help scale to scale because stable coins begin to play a larger role in the global economy.

Blackrock hired between 12 and 20 registered lobbyists and spent between $ 1.8 and $ 2.7 million in the past five years in order to do lobbying in the federal government Open secrets .

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The contribution "Blackrock, Fidelity Back Usdc Issuer in $ 400m Raise" is not a financial advice.