Five years ago, BlackRock's chairman Larry Fink famously called bitcoin an "index of money laundering." In the years since, the world's largest asset manager, tending some $10 trillion in

client funds, has largely stayed away from digital assets.

So when Fink wrote in his annual letter to shareholders, published in late March, that the havoc caused by Russia's invasion of Ukraine could accelerate the adoption of digital currencies, many interpreted it as a sign that the financial behemoth is finally warming up to crypto.

Now, BlackRock will become the primary cash reserves manager of USD Coin (USDC), a $50 billion digital asset available on blockchains including Ethereum, Solana, Algorand, Stellar, Avalanche and Flow, and pegged to the value of the U.S. dollar.

It takes on this role as part of a $400 million funding round announced yesterday by Boston-based Circle, one of the primary issuers of USDC. Following the raise, with additional participation from Fidelity Management and Research, Marshall Wace LP and

Fin Capital, Circle is planning to make a public debut via a SPAC deal, valued at $9 billion, by the end of this year.

Date: 13th April, 2022