US-based Circle, the issuer of the second-most popular stablecoin, USD Coin (USDC), said it will go public on the New York Stock Exchange (NYSE) under the symbol “CRCL”.
The company said it will go public through a combination with Concord Acquisition Corp, a publicly traded special purpose acquisition company (SPAC). Circle did not specify when it might happen.
“The transaction values Circle at an enterprise value of USD 4.5bn, and through the combination of Circle’s recently completed financing, the SPAC and associated PIPE financing, Circle will have raised more than USD 1.1bn in capital,” Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, said in a blog post today.
Per the company, USDC, ranked 8th by market capitalization, has grown over 3,400% since early 2021, now sitting at more than USDC 25bn in circulation, and “powering over USD 785bn in on-chain transactions.”
“Becoming a public company really sets us up to be a trusted platform in this digital currency industry,” says… https://t.co/g36ZvWnhZQ
— Squawk Box (@SquawkCNBC)
Also, Allaire said that Circle intends to become “the most public and transparent operator of full-reserve stablecoins in the market today.”
“With upcoming public filings, and new USDC reserve attestations, our intention is to provide a detailed summary of USDC reserves,” he said.
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Reactions:
If they had been forced to disclose their stablecoin’s reserves (as they have consistently refused to do), would they have obtained a $4.5bn valuation?
— New Money Review (@newmoneyreview) July 8, 2021
Circle going public by a SPAC is essentially front running the stablecoin act
— Ma/ya Zehavi (@mayazi)
crypto within the US federal system. Keep in mind that Circle went to great length to be regulated by 44 state lice… https://t.co/vUJBpHgGyh
— Ma/ya Zehavi (@mayazi)
@JohnTodaro1 Looks like USDC is now also on Algorand, Solana, Tron, and I heard they’re working on Stacks.
— jonnyoaks.btc (@thefinquisitive)
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Learn more:
– Visa Makes Stablecoin Push With Circle’s USDC
– Risks of Centralized Stablecoins Materialize as 100k USDC Frozen
– How SPACs & Bitcoin Disrupt Common Wisdom Of Investing
– The Dark Side Of Coinbase Listing
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(Updated at 13:12 UTC with a video and reactions. Updated at 14:58 UTC with additional comments by Jeremy Allaire.)
