USDC issuer Circle raises $440 million

Circle, the issuer of the stablecoin USDC, announced last Friday that it had completed a large round of financing, raising $440 million.

“The financing includes participation from leading private equity, institutional and strategic investors such as 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, and Michael J. Price and Friends,” Circle officials said in a press release.

The funding round comes as USDC is surging in popularity in the stablecoin space. Circle is seen as a safe alternative to the industry-leading USDT.

However, questions about USDC’s dollar reserves have recently surfaced. USDC’s dollar reserves have not been disclosed since March.

In recent weeks, key integrations with SBF’s product ecosystem have emerged, with FTX and Blockfolio announcing this month that they will integrate with USDC as a settlement layer.

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

A Circle spokesperson declined to comment on the company’s valuation. Another stablecoin issuer, Paxos, raised $300 million in a Series D round in April at a valuation of $2.4 billion.

USDC currently has 22 billion in circulation, according to Circle and Coingecko. In addition to traditional banking, the digital dollar can also circulate on the internet for popular consumer platforms like Dapper Labs’ NBA Top Shot and other services.

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USDC issuer Circle raises $440 million

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