Circle Hits $9B Valuation in New SPAC Deal

Circle, the company behind the USDC stablecoin, has doubled its valuation to $9 billion under new deal terms with Concord Acquisition Corp, a publicly-traded SPAC (special purpose acquisition company). Circle’s New SPAC Deal Doubles Valuation According to an official press release, Circle has terminated its earlier deal with special purpose acquisition company Concord Acquisition Corp, which had the crypto firm valued at $4.5 billion. The new deal now values Circle at $9 billion, an increase from the first deal’s terms by 100%. Under the new agreement terms, Concord and Circle will be acquired by a holding company that will list its shares publicly on the New York Stock Exchange (NYSE) under the symbol ‘CRCL’. “Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator.” said Circle’s co-founder and CEO, Jeremy Allaire. The deal could close by the end of 2022 but it could be extended to January 31, 2023, under certain circumstances, Circle said. USDC’S Rising Popularity Circle’s USDC stablecoin has substantially increased in value since last year. Currently, USDC has a market cap of $52.6 billion, double the figure from July 2021 at $7.29 billion. Overall, USDC has seen a 621.53% year-on-year growth and if it continues to ris...