USDC stablecoin Issuer Circle has partnered with Concord Acquisition Corp putting its valuation at $9 billion from 4.5 billion in a deal that will make it a public company.
The holding firm in the initial business combination will acquire both Circle and Concord and become a publicly-traded entity. The company will list at the New York Stock exchange under the’ CRCL’ symbol.
The deal has been approved by the board of directors of both firms and has an initial outside date of December 8, 2022, which could extend to January 31, 2023.
Circle’s co-founder and CEO, Jeremy Allaire, says that becoming a public company would bolster trust and confidence among investors.
The Chairman of Concord Acquisition Corp, Bob Diamond, lauds the progress that Circle is making in the evolution of finance. Bob believes that the new agreement would allow Concord’s stakeholders to benefit from the circle’s operations.
Circle announced that the circulation of USDC has almost doubled to $52.5 billion as of February 16, 2022, since the origination of the current deal.