The partnership includes a $ 25 million investment from Genesis Global Trading, a subsidiary of Digital Currency Group.
Circle, the issuer ofUSD Coin (USDC) and the founder of the Center consortium, has partnered with Genesis Global Trading to advance the services, including lending, of its US dollar-backed stable digital coin, TheBlockCrypto reports.
The alliance comes as the market capitalization of theUSDC recently exceeded the billion dollars and aims to strengthen the growth and use of the token.
As part of the deal, the New York-based venture capital firm specializing in digital assets Digital Currency Group, who was already a Circle shareholder, invested $ 25 million additional in the stablecoin issuer.
According to Jeremy allaire, CEO of Circle, Genesis Global Trading is “a leading force in the development of the crypto-lending space”.
Today, the stablecoin market is very largely dominated by Tether and his room USDT, which has a market capitalization of $ 10 billion.
Circle, which is notably backed by Goldman Sachs, has made significant changes in recent months with the closure of its app Circle Pay as well as with the sale of its applications Circle Invest and Circle Trade for its focus on the development of the USDC.
Circle has been a pioneer in the digital currency market, developing innovative products and services, and has consistently provided our industry with leadership in technology, standards and regulatory policy. With the rapid rise of the USDC, we are clearly seeing a dominant dynamic for digital currencies, and through this partnership with Circle, we believe that we can materially advance our shared mission of building a new global financial system, ” commented Michael Moro, CEO of Genesis.