Circle, the firm behind the stablecoin USDC, has doubled its valuation to $9 billion following a new deal with blank-check company Concord Acquisition Corp.
The two companies first revealed their plans to merge in July, in a deal that at the time valued Circle at just $4.5 billion. They have now updated the terms of the deal to reflect improvements in the company’s financial outlook and competitive position.
Circle CEO Jeremy Allaire told CNBC’s “Crypto World” that while the firm is ready to be listed as a public company, the process of getting the necessary approvals by the Securities and Exchange Commission had taken longer than planned. That’s because in an earlier agreement, the firms…