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Crypto Payments Firm Circle To Go Public via SPAC

The Street

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.

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.

Circle | Payments infrastructure for internet businesses