Circle's Digital Currency Venture Seeks Public Listing

Circle, the company behind the popular USDC stablecoin, has announced plans to go public through a merger with a special purpose acquisition company (SPAC).

According to a statement released by the company, Circle will merge with Concord Acquisition Corp I, a SPAC that aims to bring innovative companies to the public markets. The deal is expected to value Circle at around $4.5 billion.

The move comes as Circle continues to grow its presence in the digital currency market. The company's USDC stablecoin has become one of the most widely used in the industry, with over $2 billion in circulation.

Circle's CEO, Jeremy Allaire, said in a statement that the company's decision to go public is a major milestone in its journey to build a more inclusive and accessible financial system.

"We believe that going public will allow us to further accelerate our growth and expand our offerings to a wider range of consumers and businesses," Allaire said.

The merger is expected to close in the second half of 2022, pending regulatory approval and other customary conditions. Following the close, Circle will become a publicly traded company, listed on the New York Stock Exchange (NYSE).

The deal is seen as a major vote of confidence in the growing digital currency market, which has seen significant growth in recent years. Circle's USDC stablecoin has been widely used in the industry, and the company has partnered with a number of major financial institutions and companies to offer its services.

The merger is also seen as a major win for the SPAC market, which has been growing rapidly in recent years. SPACs are shell companies that raise capital in an initial public offering (IPO) and then use that money to acquire an existing private company, taking it public in the process. The deal is expected to be one of the largest SPAC deals in the industry to date.