Bitmain invested $110 million in Circle Internet Financial to support a stable coin USDC linked to the USD. USDC, like Tether USDT($2.2 billion in circulating supply, is a ERC20 token based on the Ethereum network. Circle also raised $107 million in a banking consortium R3 and acquired Poloniex exchange for $400 million, with a vision to expand staff and new offices around the world.
Circle CEO, Jeremy Allaire said:Its a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. Its a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.