Circle, the company behind the USDC stablecoin, doubles valuation to $9 billion in updated SPAC deal

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Circle, the firm behind the stablecoin USDC, has doubled its valuation to $9 billion after a new deal with blank-check company Concord Acquisition Corp.

Watch CNBC Crypto World's full interview with Circle CEO Jeremy Allaire on the company's new valuation

"We have an SEC qualification process that we're going through, we've been through multiple rounds of comments on that and that's just taking longer," Allaire said. He added that the extra time is necessary to a new company and industry, and that if approved, Circle will be better off for it down the line.

Circle may be twice as expensive for shareholders of Concord, the SPAC planning to take it public, but Allaire said he sees it as a testament to what his company is building. Stablecoins are digital currencies designed to be less volatile than cryptocurrencies by pegging their market value to an outside asset like the U.S. dollar. That makes them potential bridge currencies between volatile crypto assets and more stable, traditional assets.

 

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