The creator of a widely used stablecoin plans to go public after seeing a massive 3,400% growth in coin circulation.
Circle is a global fintech company that provides payments and treasury infrastructure for Internet businesses. They are the leading operator of blockchain-based USD Coin (USDC), which has become the fastest growing, fully-reserved and regulated digital dollar currency in the world. Currently, USDC in circulation exceeds $ 25 billion and has supported more than $ 785 billion in on-chain transactions.
The company will go public in 2021 in a business combination with Concord Acquisition Group (NYSE: CND), a publicly traded special purpose acquisition corporation with $ 276 million in trust.
Jeremy Allaire, Co-Founder and CEO of Circle Share Circle’s history and enthusiasm for the new partnership.
“Circle was founded with a mission to transform the global economic system through the power of digital currencies and the open Internet. We have made great strides toward realizing this vision, and through this strategic transaction and final public debut, we are taking an even bigger step forward, with the capital and relationships necessary to build an Internet financial services company. on a global scale that can help companies. everywhere to connect to a more open, inclusive and efficient global economic system. We are delighted to partner with Concord’s investment and executive team, drawing on their decades of operating experience growing financial services companies around the world. “
Under the terms of the deal, a new Irish holding company will acquire both Concord and Circle to become a publicly traded company and traded on the New York Stock Exchange under the symbol “CRCL.”
The deal places Circle’s new valuation at $ 4.5 billion and the transaction is expected to close in the fourth quarter of 2021. Circle shareholders will retain approximately 86% ownership after the transaction is completed.
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Featured Image: Shutterstock / Craig Hastings