Circle has secured a significant investment in its Arc stablecoin network, raising $222 million at a valuation of $3 billion. The funding round was led by BlackRock, with other notable investors including Andreessen Horowitz and legacy banks such as Apollo, ICE, and Standard Chartered.
The funds will be used to expand the capabilities of Circle's USDC stablecoin, which is currently one of the most widely used stablecoins in the industry. Arc is a layer 1 blockchain built specifically for fast settlement, stablecoin gas payments, and institutional money movement.