The administrator of a prominent runner-up stablecoin is going public, as we found out this week.
Helen Partz at Cointelegraph reports on how Circle will merge with a blank check company called Concorde Acquisitions (another term for this type of entity is Special Purpose Acquisitions Company or SPAC) in a deal valued at $4.5 billion. Reportedly, Circle shareholders will own 86% of the resulting equity.
They even have the ticker picked out – CRCL.
In addition to the above number, Partz is seeing $415 million in private investment added to the pot.
The company also has some other impressive backing.
“Circle is backed by major American investment bank Goldman Sachs, which is serving as the exclusive financial advisor to Concord,” Partz writes.
As for USDC, there’s a specific value proposition around this stablecoin comparing it to Tether, the erstwhile front-runner with a lot of name recognition among crypto fans.
“USDC is most commonly used by institutions in the United States (or where Coinbase is offered in other countries),” writes Gil Hildebrand at Gilded Finance. “If your customers are businesses, then you will likely want to use USDC to send invoices to your customers. If you’re a Gilded user working with Gilded’s Coinbase integration, it makes sense to use USDC. On the other hand, USDT is most commonly used by traders and investors. Tether is a tool that allows traders to protect profits and stay in crypto. It allows you to keep your money on exchanges without subjecting yourself to volatile bitcoin prices. If your customers are traders, then perhaps USDT is the right choice.”
On the other hand, there’s also the Bitfinex/Tether debacle that gave USDT a black eye after the New York Attorney General went after both parties for losing massive amount of money.
So if you are looking for a stablecoin alternative, USDC backed by the new CRCL might be your thing. Do the research.
