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The company announced it has terminated its previously announced merger agreement with special-purpose acquisition company Concord Acquisition Corp., but has agreed to new terms that will double the crypto company’s valuation to $9b. The original deal with Concord was announced last July and valued the company—an issuer of USD Coin at $4.5b. However, USD Coin’s circulation has more than doubled since the original deal was announced and has now reached $52.5b.
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“The increase in value reflects improvements in Circle’s financial outlook and competitive position – particularly the growth and market share of USDC, one of the fastest growing dollar digital currencies,” the company said in a statement.
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