Circle Gets $65 Million In Backing To Create A Dollar-Pegged Cryptocurrency

The statement you provided is partially correct. Circle, a cryptocurrency firm, and stablecoin issuer did receive backing of $65 million in 2018 to create USD Coin (USDC), which is a dollar-pegged cryptocurrency. The funding round was led by Bitmain, a Chinese cryptocurrency mining company, and other notable investors, including Breyer Capital, General Catalyst, and Digital Currency Group.

USDC is designed to be a stablecoin that is backed by US dollars, meaning that its value is intended to remain stable and predictable, unlike other cryptocurrencies such as Bitcoin that can experience significant price fluctuations. The aim of USDC is to provide users with a reliable and transparent digital asset that can be used for transactions and payments, while also promoting broader adoption and use of cryptocurrencies.

Since its launch, USDC has become one of the most widely used stablecoins in the cryptocurrency ecosystem, with billions of dollars in circulation and supported by various cryptocurrency exchanges and wallets. Circle continues to play a leading role in the development and growth of the stablecoin market, as well as the broader adoption of blockchain and cryptocurrency technologies.