SBI Holdings has invested $50 million in Circle, causing the Circle Internet Group stock to soar. Tokyo-based mega-business SBI Holdings has reportedly invested $50 million in Circle Internet Group’s stock, via its launch Thursday on the New York Stock Exchange.
SBI Holdings and Circle already have an active partnership and the Japanese financial company is looking to expand the use of Circle’s dollar-pegged stablecoin, USDC. The stablecoins also launched on the SBI VC Trade platform in March.
SBI Holdings bullish on the future of USDC
Discussing the future of the stablecoins, SBI Holdings said it wants to provide users with access to digital dollars. “Through the handling of USDC, we will provide customers with access to digital US dollars and promote efficient and cost-effective electronic payment methods in line with the development of the digital economy,” the firm said.
Shares of CRCL also doubled across June 5 and 6, with trading starting at around $60/share and tapping $120 on Friday. SBI’s grab is said to consist of about 5% of the 34,000,000 Class A common stock shares offered up. SBI is also notably involved with XRP and Ripple, the extremely popular market-cap leading digital currency, and its issuer, and has backed Solana NFT (non-fungible token) initiatives in Japan.
The post SBI Holdings invests $50 million in Circle as stock surges first appeared on Coinfea.
