Crypto payments company Circle today announced that it has raised $440 million in a funding round.
The company, which is behind the US Dollar Coin (USDC), the eighth-biggest cryptocurrency by market cap and the second-largest stablecoin behind Tether, said the cash came from top investors.
USDC Is Growing Faster Than Tether Amid Stablecoin Boom
USDC, The US dollar-pegged stablecoin run by crypto exchange Coinbase and payments platform Circle, today announced Solana as its fourth “official” blockchain, after Ethereum, Algorand and Stellar. Upon the announcement, the market cap of USDC jumped up by $53 million to $2.791 billion, according to metrics site CoinMarketCap. The coin, which is now the 13th largest by market cap, traded $566 million in the past 24 hours. What's more, at this pace, its growth now exceeds that of its chief compe...
These include Digital Currency Group, Fidelity Management and Research Company, and cryptocurrency exchange FTX, according to the release.
“With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team,” said Circle co-founder and CEO Jeremy Allaire.
The company added that the money will be used “to drive our market expansion and growth.”
A spokesperson told Decrypt, "We're seeing customer demand around the world and to support accelerated growth we plan investments in every region."
Circle works to help online businesses adopt stablecoins and send payments. Along with Coinbase, the US’s first public cryptocurrency exchange, the company launched USDC in 2018. Circle has since attracted top talent in the peer-to-peer payments industry, including the ex-executive vice president of Facebook’s Diem.
