04.14.22
Larry Fink Says BlackRock Is Studying Cryptocurrencies
by: Paul Vigna
BlackRock Inc. is an investor in a $400 million fundraising round for Circle Internet Financial, the crypto-focused company that manages the stablecoin USD Coin. Other investors in the round included Fidelity Investment Inc. and Fin Capital. The USD Coin, or USDC, has become the second-largest stablecoin, with about $51 billion in circulation. During a conference call Wednesday, Larry Fink, BlackRock’s chief executive, said he expects BlackRock eventually to be the primary manager of those reserves. Fink said the firm is also studying the crypto sector broadly, including assets, stablecoins, permissioned blockchains and “tokenization,” where it perceives a benefit to its customers. “We are increasingly seeing interest from our clients,” he said.
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