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Circle, the firm behind USDC stablecoin, announced it has entered into an agreement for a $400 million funding from a pool of investors, including BlackRock and Fidelity. The company said in a blog announcement that the round is expected to close in Q2, 2022.

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Circle added that BlackRock has also entered into a "broader strategic partnership" with it, which includes "exploring capital market applications for USDC." Circle CEO, Jeremy Allaire, said that the latest funding round "will drive the next evolution" of USDC.

"It is particularly gratifying to add BlackRock as a strategic investor in the company. We look forward to developing our partnership," Allaire added.

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The funding comes after Circle said its valuation doubled from previous $4.5 billion to $9 billion as the company agreed to new transaction terms with Concord Acquisition Corp, a firm backed by ex-Barclays head Bob Diamond. The company said the change reflects "improvements in Circle’s financial outlook" and "competitive position."

Under the new agreement, the deal is expected to be closed on December 8, 2022. However, Circle noted the timetable might be extended to January 31, 2023 "under certain circumstances." Circle plans to trade on the New York Stock Exchange under the symbol "CRCL."

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