Today Circle, the company behind the USDC stablecoin, announced a new SPAC agreement with Concord Acquisition Corp, the NYSE listed special purpose acquisition company (SPAC). The previous July 2021 agreement valued the startup at $4.5 billion, but the fresh deal puts a figure of $9 billion on the company.
A lot has happened in the sector in the last few months. Circle’s market share has substantially increased with the USDC current market capitalization above $52 billion, double the figure in July. Its market share is also significantly higher. That’s in part because of the continuing debate about the quality of the backing assets of competing stablecoin Tether.
While Tether continues to be heavily used for cryptocurrency trading pairs, USDC tends to be the stablecoin of choice for decentralized finance (DeFi), particularly lending.
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