Circle, the payments company behind the USDC stablecoin, has announced that it will go public on the New York Stock Exchange (NYSE) through a special purpose acquisition company (SPAC). The SPAC taking Circle public, known as Concord Acquisition Corp, is publicly traded on the NYSE under the ticker CND.
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The announcement came from a blog post on the company's website from its CEO, Jeremy Allaire. In the post, Allaire said that the deal now values the company at $4.5 billion. Once the deal is completed, the company is set to trade under the ticker CRCL on the NYSE.
Back in May, the company received $440 million in funding from Fidelity, FTX, Digital Currency Group and more. The recent financing and deal with the SPAC will give Circle over $1.1 billion in capital.
In the post, Allaire noted that the core piece of the company's mission was the growth of its USD stablecoin, USDC.
"A central component of our mission has been helping to establish and grow USD Coin (“USDC”), the fastest growing dollar digital currency in the world. USDC has grown over 3400% since early 2021, now sitting at more than $25B USDC in circulation," said Allaire.
Allaire also said that the company is motivated by the idea of connecting the world to a new global financial system.
"Since our founding in 2013, we have relentlessly pursued our mission to raise global economic prosperity through the frictionless exchange of financial value, and to connect the world more deeply by building a new global economic system on the foundation of the internet," said Allaire in his post.
This story is developing.