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USDC Stablecoin Backer Circle Doubles in Value to $9B in New Deal With SPAC
Circle was valued at $4.5 billion in its initial agreement with Concord Acquisition Corp. in July 2021.
Updated Apr 10, 2024, 2:03 a.m. Published Feb 17, 2022, 12:47 p.m.
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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.
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Read more: Flow Blockchain Gets Circle’s Full USDC Treatment
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From Wall Street to Web3: This is crypto’s year of integration, Silicon Valley Bank says
From bank-led stablecoins to tokenized T-bills and AI-powered wallets, digital assets will move from pilot projects to financial plumbing this year.
Що варто знати:
- Silicon Valley Bank's Anthony Vassallo says institutional adoption of crypto is accelerating, pushing bigger venture capital checks, more bank-led custody and lending, and deeper M&A consolidation.
- Stablecoins are emerging as the “internet’s dollar,” fueled by clearer regulation and enterprise demand for payments and settlement.
- Tokenized real-world assets and AI-driven crypto applications are shifting blockchain from speculation to core infrastructure, the bank said.
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