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The merger was first announced in July 2021 with a preliminary valuation of $4.5 billion but was amended in February 2022 after Circle’s valuation doubled to $9 billion. This development came as a disappointment to Circle Co-Founder and CEO Jeremy Allaire, who reiterated their goal of becoming a publicly-traded company.
USDC is the second largest stablecoin by market capitalization behind Tether with more than $43.3 billion tokens in circulation. Circle revealed that it finally became profitable during the third quarter of 2022, raking in a total revenue and reserve interest income of $274 million and a net income of $43 million. “Circle also ended the quarter with close to $400 million in unrestricted cash,” the press release said.