Circle has doubled its valuation to $9 billion in a new SPAC deal
Circle announced Thursday that it had been valued at $9 billion in a new deal with blank check company Concord Acquisition Corp.
Circle agreed to new transaction terms in SPAC deal
The previous SPAC deal with Concord, announced in July that valued the company at $4.5 billion, has now been terminated, Circle said. The company cited its improved financial prospects and competitive position, particularly in the U.S. dollar coin (USDC) market, as the main reasons for changing its agreement with Concord.The new agreement also means that deal will be delayed as it replaces the previous business combination agreement, which Circle could not complete by April 3, 2022. The original termination date is now December 8, 2022, with an option to extend to January 31, 2023. At the time of the first deal, USDC's market capitalization was about $25 billion. The market capitalization of the stablecoin has since doubled.
USDC has reached a market capitalization of over $50B
Jeremy Allaire, Circle's CEO, celebrated reaching the $50 billion mark two weeks ago on Twitter, saying, "While 50B USDC is a big number, it's the massive growth and ecosystem around it that tells the broader story." It also appears that USDC is taking a significant market share away from Tether. Circle's stablecoin market cap grew 987% in 2021, compared to Tether's USDT offering, which saw less than a third of that growth over the same period at 275%.In a recent blog from Circle it became clear that the stablecoin network had grown 10,000% over the past two years, recording $2.5 trillion in on-chain transactions and 4.6 million active wallet addresses in 2021 alone. It is currently available on eight different blockchains. It seems Circle is confident it can challenge Tether more as it expands to more blockchains.
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