đ´BlackRock targets 10% stake in Circle ahead of IPO at $9B valuation
BlackRock reportedly plans to acquire 10% of Circleâs equity during its upcoming IPO, which is expected to value the USDC issuer at approximately $9 billion. This move underscores growing institutional confidence in regulated stablecoin infrastructure.
Itâs important to distinguish between Circleâs business valuation and the circulating supply of USDC. The $32 billion figure refers to the stablecoinâs outstanding tokens, fully backed by dollar-denominated reserves. These are liabilities, not assets. Circle generates revenue primarily through interest on reserves, technical infrastructure, and service integrations.
The $9 billion valuation reflects Circleâs operational model, not token volume. At this price point, BlackRockâs intended stake would represent a $900 million commitmentâplacing one of the worldâs largest asset managers directly into the core of the stablecoin economy.
This isnât Circleâs first IPO attempt. A prior SPAC deal at the same valuation fell through in 2022 amid market volatility. Todayâs move comes in a different environment, with improving regulatory clarity and growing demand for digital dollars in cross-border settlements.
BlackRockâs entry signals a shift in strategy: traditional finance is not merely observing the digital asset sectorâit is positioning to govern its backbone.
As the stablecoin landscape becomes increasingly institutional, will decentralized alternatives be able to maintain their relevance and influence?#AMAGE
