USDC Stablecoin Backer Circle Doubles in Value to $9B in New Deal With SPAC

USDC Stablecoin Backer Circle Doubles in Value to $9B in New Deal With SPAC
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USDC Stablecoin Backer Circle Doubles in Value to $9B in New Deal With SPAC

Circle, the backer of the USDC stablecoin, said it plans to go public in a deal that values it at $9 billion, twice the level it originally agreed to in July.

  • The company negotiated a new deal with special purpose acquisition company (SPAC) Concord Acquisition Corp. reflecting improvements in its financial outlook and competitive position, Circle said in an announcement Thursday.
  • The figure represents a doubling of the company’s value since July, when the initial agreement valued it at $4.5 billion.
  • The holding company set up in the original pact will acquire both Concord and Circle to form a new publicly traded business listed on the New York Stock Exchange under “CRCL.”
  • The prior agreement was terminated as the two parties did not feel it would be possible to complete it by the April 3 deadline. The new agreement has an initial outside date of Dec. 8 this year, meaning either side can walk away if it’s not complete by then.

Read more: Flow Blockchain Gets Circle’s Full USDC Treatment

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