Stablecoin provider Circle hits $9bn valuation

Stablecoin provider Circle has hit a $9 billion valuation.

The Boston-based company is primarily known as a provider of the USD Coin (USDC), a “stablecoin” or a cryptocurrency which tracks the value of the US dollar.

The valuation came after a renegotiation of its deal with US blank check investment firm Concord Acquisition Corp.

The new valuation is almost double the $4.5 billion Circle achieved in July 2021 when it first negotiated a merger deal with Concord.

There are currently around $52.4 billion worth of USDC in circulation according to current values from cryptocurrency market analyst CoinGecko.

The news comes as stablecoins are attracting the eyes of regulators worldwide.

In October 2021, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published preliminary guidance for public consultation which suggests stablecoins should observe international standards for payment, clearing, and settlement systems.

"We continue to believe that Circle is one of the most interesting, innovative, and exciting companies in the evolution of global finance and we believe it will have an historic impact on the global economic system," said Bob Diamond, chairman of Concord Acquisition Corp and chief executive of Atlas Merchant Capital. "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 added: “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."

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