Circle, which is a software company helping businesses to use stablecoins and public blockchains, has raised $25m in a strategic investment from Digital Currency Group.
The deal will see Circle form a partnership with digital asset prime brokerage company Genesis, a subsidiary of Digital Currency Group.
The funding will help Circle increase the adoption of its USD Coin (USDC) stablecoin. The partnership with Genesis will also enable it to add new USDC yield and lending services to its product suite.
In a blog post announcing the deal, Circle said, “USDC has emerged as the fastest growing and most widely adopted fully-reserved and compliant digital dollar stablecoin. USDC in circulation has grown from just over 400 million in early 2020 to over 1.1 billion today.
“USDC adoption has expanded across trading, payments, savings, lending and other use cases in blockchain finance. Today, hundreds of companies in the blockchain ecosystem have integrated support for USDC in their products and services.”
Due to this success, the company recently launched its Circle Business Account and Circle API products, which enable businesses, FinTechs and other financial institutions access USDC for payments and other financial applications.
Copyright © 2020 FinTech Global