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Based in the United States Circle, the issuer of the second most popular stablecoin, USD Coin (USDC), said it would go public on New York Stock Exchange (NYSE) under the symbol “CRCL”.
The company said it would go public through a combination with Concord Acquisition Corp, a publicly traded Special Purpose Acquisition Company (SPAC). Circle did not say when this could happen.
“The transaction values Circle at an enterprise value of $ 4.5 billion, and through the combination of Circle’s recently completed financing, SPAC and associated PIPE financing, Circle will have raised more than $ 1.1 billion.” of capital ”, Jeremy Allaire, co-founder, president and CEO of Circle, mentionned in a blog post today.
According to the company, the USDC, ranked 8th in terms of market capitalization, has grown by more than 3,400% since the start of 2021, now reaching more than $ 25 billion in circulation and “fueling more than $ 785 billion. dollars in chain transactions ”.
“Becoming a public company really prepares us to be a trusted platform in this digital currency sector,” says… https://t.co/g36ZvWnhZQ
In addition, Allaire said Circle intends to become “the most public and transparent operator of full reserve stablecoins on the market today.”
“With the upcoming public filings and new USDC reserve certificates, our intention is to provide a detailed summary of USDC reserves,” he said. mentionned.
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Reactions:
If they had been forced to disclose their stablecoin reserves (as they have always refused to do), would they have gotten a valuation of $ 4.5 billion?
– New money review (@newmoneyreview) July 8, 2021
The circle made public by a SPAC is essentially the foreground of the stablecoin law
crypto within the US federal system. Keep in mind that Circle went to great lengths to be regulated by 44 state lice … https://t.co/vUJBpHgGyh
@ JohnTodaro1 Looks like USDC is now also on Algorand, Solana, Tron, and I heard they were working on Stacks.
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Learn more:
– Visa pushes Stablecoin with Circle’s USDC
– The risks of centralized stable coins materialize in a freeze of 100,000 USDC
– How PSPC and Bitcoin Disrupt Common Wisdom of Investing
– The dark side of the Coinbase list
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(Updated at 13:12 UTC with video and feedback. Updated at 14:58 UTC with additional commentary from Jeremy Allaire.)
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