Circle plans to go public before the end of the year
The deal will go through a merger with a SPAC company to bypass the IPO procedure
19.07.2022 - 09:00
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What’s new? Circle (the issuer of the USDC stablecoin) intends to go public and list on the New York Stock Exchange (NYSE) in the fourth quarter of 2022. Circle’s CFO Jeremy Fox-Geen told Decrypt.
What else is known about Circle’s plans? The company’s shares will get the ticker CRCL if it goes public. According to Fox-Green, Circle plans to list through a merger with SPAC company Concord Acquisition Corp. which does not involve an initial public offering (IPO). When the company first announced the listing in July 2021, it was reported that the existing shareholders would retain an 86% stake in Circle.
Circle earlier published a detailed report on the reserves backing the USDC stablecoin. As of June 30, the stablecoin had a capitalization of $55,57 billion and $55,7 billion in collateral. Of this amount, $13,58 billion in fiat is held at regulated banks and another 42,12 billion in US Treasury short-term bonds.
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