USDC’s Circle goes public on the New York Stock Exchange

Circle, one of the two parent companies behind the USDC stablecoin, will become a publicly traded company on the New York Stock Exchange. Circle will go public by merging with the Special Purpose Acquisition Company (SPAC) Concord Acquisition Corp. ($CND); once the merger is complete, Circle will trade under the ticker symbol $CRCL and is expected to be valued at $4.5 billion.

Circle Co-Founder and CEO Jeremey Allaire made the news today via Twitter when he announced that Circle had signed a definitive agreement with Concord Acquisition. Next, Allaire talked about Circles’ mission and its growth over the past 12 months.

1/7 Today we announced that we have signed definitive agreements for a transaction that will result in Circle becoming a publicly traded company on the NYSE trading under the ticker CRCL. https://t.co/WIK9CUKNIR

— Jeremy Allaire (@jerallaire) July 8, 2021

USDC’s Growth and Potential Obstacle

The USDC stablecoin is the second largest stablecoin by market capTether’s USDT is the largest. According to Allaire, USDC has grown 55x in the past 12 months and there are now more than $25 billion USDC in circulation.

The USDC was created by Centre, a company founded by Circle and Coinbase; Center prides itself on creating the most transparent stablecoin on the market. Unlike other stablecoins, Center . publishes monthly reports created by the accounting firm Grant Thorton LLPHowever, Center and Grant Thorton LLP have been slow to publish the last few attestation reports.

Grant Thorton LLP usually publishes the monthly report within two weeks of the end of the month. However, as of October 2020, the report started to come in late. The October attestation letter came in 23 days after the end of the month, in November the reporting schedule returned to normal, but the December report was published 42 days after the end of the month. The January report was published 33 days after the end of the month, the February report 58 days after the end of the month, the March report lasted 24 days and the April report lasted 40 days after going to press. press, the May and June reports have not yet been published .

As with Tether, more and more people are starting to question the factual amount of reserves backing the USDC and starting to wonder if it is really backed 1:1 with the US dollar as it claims to be.

what to watch

Circle is expected to close the deal with Concord Acquisition Corp. and begin trading on the New York Stock Exchange in the fourth quarter of 2021. Between now and then you will want to hear the evolving story of Grant Thorton LLP’s delay in publishing the monthly attestation reports as well as the factual amount of reserves that may or may not support the USDC stablecoin.

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