USD Coin issuer Circle has formed a new agreement with special purpose acquisition company (SPAC) Concord Acquisition Corp. that values Circle at $9 billion.
Circle announced the agreement in a news release Thursday (Feb. 17), saying the deal replaces its earlier SPAC deal with Concord announced in July of last year, when Circle was originally valued at $4.5 billion.
Read more: Circle Announces SPAC Listing Plans; Deal Combines Crypto’s Hyper Growth With USD’s Stability
“The new deal replaces the prior business combination agreement, which for a variety of reasons outside of the parties’ control could not be completed by the termination date of April 3, 2022,” the company said.
The company notes that USDC’s circulation has more than doubled since the original deal was announced, reaching $52.5 billion on Wednesday (Feb. 16).
“Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem,” said Jeremy Allaire, Circle’s co-founder and CEO. “Making this journey with Concord under our new agreement is a strategic accelerator.”
Bob Diamond, Concord’s chair, said the company believes Circle will have “an historic impact” on the world’s economy.
“Circle’s rapid growth and world-class leadership are underscored by a regulatory-first mindset fixed on building trust and transparency in global markets,” he said. “We believe our new deal is attractive because it preserves the ability of Concord’s public stakeholders to participate in a transaction with this great company.”
The agreement has gotten the approval of the boards of both companies and is subject to approval from shareholders and other closing conditions.
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