With new reverse merger conditions, Circle doubles its value to $9 billion

After renegotiating and inking a new reverse merger arrangement with Concord Acquisition Corp, a blank-check acquisition corporation, Circle, the issuer of stablecoin USDC, has increased its valuation to $9 billion. In July 2021, both corporations announced their merger and acquisition plans. The blockchain company’s updated valuation was announced on Thursday, and it was based on its financial outlook and competitive position in the industry.

USDC’s market share is increasing, according to Circle.

USDC has grown in market share to become one of the largest stablecoins. Also, with circulation hitting $52.5 billion in mid-February, according to Circle.

In contrast to its competitor Tether, the crypto business took a different route. Thereby, maintaining transparency of its USD-pegged stablecoin through rigorous third-party audits.

“Circle has made massive strides toward transforming the global economic system through “
“the power of digital currencies and the open internet,”
So, Circle’s co-founder and CEO, Jeremy Allaire, says.

The reverse merger between Centroid and Circle was already in the works.

Centroid and Circle had been discussing a reverse merger for some time. They had previously formed an initial agreement, but the corporations understood that it could not be completed before the April 2022 deadline.

Centroid and Circle will be needing by a holding company that will list its shares on the Amended York Stock Exchange. Of course, under the new terms of the acquisition (NYSE).

“We continue to believe that Circle is one of the most intriguing, inventive, and exciting enterprises in the”
“growth of global banking, and that it will have a historic impact on the global economic system,”
Then, says the company. Concord’s Chairman and Atlas Merchant Capital’s CEO, Bob Diamond

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