Circle, the company behind the USDC stablecoin, doubles valuation to $9 billion in updated SPAC deal
Summary
Circle, the firm behind the stablecoin USDC, has doubled its valuation to $9 billion following a new deal with blank-check company Concord Acquisition Corp. Circle CEO Jeremy Allaire told CNBCs "Crypto World" that while the firm is ready to be listed as a public company, the process of getting the necessary approvals by the Securities and Exchange Commission had taken longer than planned. Circle may be twice as expensive for shareholders of Concord, the SPAC planning to take it public, but Allaire said he sees it as a testament to what his company is building. He also said that although several SPAC, or special purpose acquisition company, mergers have been called off recently, hes confident this refreshed plan will go through. Earlier this week New Jersey Rep. Josh Gottheimer unveiled an early draft of legislation aimed at placing definitions around stablecoins.
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