Stablecoin operator with 3,400% circulation growth in 2021 to be released to the public – here’s when – .

Stablecoin operator with 3,400% circulation growth in 2021 to be released to the public – here’s when – .

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 financial technology company that provides payment and treasury infrastructure to Internet businesses. They are the primary operator of the blockchain-based USD Coin (USDC), which has become the world’s fastest growing, fully-reserved, regulated, digital dollar currency. Currently, the USDC in circulation is over $ 25 billion and has supported over $ 785 billion in on-chain transactions.

The company will go public in 2021 as part of a business combination with Concord Acquisition Group (NYSE: CND), a publicly traded special purpose acquisition company with $ 276 million in trust.

Co-founder and CEO Jeremy Allaire actions Circle’s story and its 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 tremendous strides towards realizing this vision, and through this strategic transaction and ultimate public debut, we are taking an even bigger step forward, with the capital and relationships to build a service company. Global Internet financials that can help businesses everywhere to connect to a more open, inclusive and efficient global economic system. We are delighted to partner with Concord’s management and investment team, drawing on their decades of experience in developing financial services businesses around the world.

Under the agreement, a new Irish holding company will acquire both Concord and Circle to become a publicly traded company and trade on the NYSE under the symbol “CRCL”.

The deal places Circle’s new valuation at $ 4.5 billion, and the deal is expected to close in the fourth quarter of 2021. Circle shareholders will retain about 86 percent of the stake once the deal is completed.
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Image en vedette : Shutterstock/Craig Hastings


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