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.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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