BlackRock Managing Funds for Circle’s USDC Stablecoin Reserves

Circle announced that asset manager BlackRock is managing a bespoke government money market fund specifically for Circle, the issuer of the USDC stablecoin, the second largest.

In April, BlackRock participated in Circle’s $400 million funding round, with BlackRock stating it intended to explore capital market applications for USDC without elaborating.

The funding was intended to tide Circle over to the completion of its SPAC deal on 22 December 2022. However, last week the SPAC revealed plans to move the closing to 31 January 2023, a step that requires approval from shareholders representing 65% of the stock.

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