USDC Backer Circle to Go Public in SPAC Deal
Circle is going public in a deal that values the crypto financial services firm at $4.5 billion, the firm said Thursday.
Circle will go public by way of Concord Acquisition Corp (NYSE: CND), a publicly-traded special purpose acquisition corporation (SPAC).
Last month, Circle raised $440 million in one of the biggest funding rounds in crypto history. At the time, a Circle spokesman declined to comment on the company’s valuation. Fellow stablecoin issuer Paxos was valued at $2.4 billion after raising a $300 million Series D in April.
Circle going public puts both members of USDC’s Centre Consortium on the public markets. USDC has surged in popularity in the stablecoin sector with a circulating supply of nearly $26 billion. It’s seen by some as the safer cousin to the industry-leading USDT.
This is a developing story.Source