USD Coin Backer Circle Set To Go Public With $4.5 Billion SPAC Deal
Circle, the company behind the US Dollar Coin stablecoin (USDC) has announced that it will go public through a deal with special purpose acquisition corporation (SPAC) Concord Acquisition Corp.
The deal will value Circle at $4.5 billion. The company raised a whopping $440 million in funding last month. At the time, Circle co founder and CEO Jeremy Allaire said, "With powerful backers who are committed to our mission and vision, we will redouble our efforts to expand into new markets, continue driving fundamental technology innovation and grow our team."
What is Circle?
Circle is a Boston-based financial services company that launched in 2013 with a peer-to-peer payments app that used blockchain. In 2018, Circle co-created USD Coin through a joint venture with Coinbase and a consortium called Centre. Circle also helps other companies adopt stablecoins.
Since launching USD Coin, Circle has attracted high-level players in the payments industry, including Dante Disparte, previously the executive vice president at the Facebook-led Diem Association (formerly known as Libra), who joined Circle as chief strategy officer in April 2021.
Today, USD Coin has a total market cap of just under $26 billion.
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