USDC Backer Circle to Go Public in SPAC Deal

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.

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