Per a recent Wall Street Journal, BlackRock CEO Larry Fink revealed in a conference call that the crypto market is being studied comprehensively.
After a $400 million funding round, crypto payments service Circle, which controls the USD Coin stablecoin, announced a strategic adviser partnership with BlackRock on Tuesday. BlackRock’s CEO has indicated that the firm has been actively engaging with Circle for more than a year.
During the conference call, Fink stated that BlackRock has been working with Circle to manage some of the company’s cash reserves for the past year, to become the primary manager of those reserves.
BlackRock, which manages more than $9 trillion in assets, is looking into the cryptocurrency market in general, including stablecoins, digital assets, Permissioned blockchains, and tokenization in general. The primary motivation for the company’s aggressive research into the cryptocurrency market is a surge in client interest.
Circle has reportedly raised $1.1 billion in total and aims to go public via the SPAC deal later this year. BlackRock has been actively engaging with the company for the past year and now wants to become the major manager of reserves backing up the stablecoin.
USD Coin, often known as USDC, is one of the most valuable stablecoins on the market, having $51 billion in circulation. Exposure to traditional currency and the use of the coin as a bargaining bridge between fiat and digital assets is possible with the coin.
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