Previously, the asset manager was credited with having exposure to crypto through a 7.3% stake in MicroStrategy, the largest corporate holder of bitcoin with nearly $5 billion worth of the cryptocurrency, and a few dozen contracts of CME bitcoin futures [...]. But those investments were made through BlackRock’s subsidiaries or funds that manage clients’ assets.

The deal is also a major nod of approval to USDC. Its market capitalization has swollen from $4 billion at the beginning of last year to over $50 billion today but has yet to catch up with Tether’s $82.5 billion.

Now, with BlackRock’s support, the stablecoin hopes to find a footing as the go-to digital asset for traditional financial institutions and investors.