The issuer of USDC stablecoin Circle according to a recent report is now valued at $9 billion the firm is aiming to go public by December this year.
Circle Internet Financial is a financial services corporation best known for issuing USDC, the second-largest stablecoin in terms of total market capitalization. The corporation is now valued at $9 billion, according to reports.
Circle is now valued at $9 billion, according to a press release issued Monday, February 17th. The company announced that it has ended its previous business combination and entered into a new agreement with Concord Acquisition Corp, a SPAC that trades on the New York Stock Exchange under the ticker CND (special acquisition company.)
According to the new agreement, the value of Circle will be $4.5 billion in July 2021, up 100% from the previous estimate of $4.5 billion.
According to the press statement, the increase reflects the company’s improved financial and competitive position. Jeremy Allaire, Circle’s Co-Founder and CEO, had this to say about the situation:
Circle has made massive strides toward transforming the global economic system through the power of digital currencies and the open internet. […] Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator.
Furthermore, the new deal has an initial expiration date of December 8, 2022, but it could be extended until January 31, 2023, according to the press release.
The new publicly traded company will be listed on the New York Stock Exchange with the symbol CRCL.