USD Coin (USDC) issued by Circle Inc is the second-largest stablecoin by market capitalization. It achieved significant milestones over the years. In fact, on 1 February, USDC market capitalization surpassed $50 billion. In all, Circle minted more than 100 billion USD Coins (USDC). Continuing the same trend, here’s the latest development.

<p lang=«en» dir=«ltr» xml:lang=«en»>CIRCLE NEWS: Today, we announced a revised SPAC deal for Circle («reSPAC») which values the company at $9B, building on the extraordinary growth of USDC and everything we are building around it. (1/3) https://t.co/hHt1K5C8ox pic.twitter.com/gIU7qLfgAx

— Jeremy Allaire (@jerallaire) February 17, 2022

Circle, the issuer of USDC received a major financial boost post the 17 February announcement. The company announced that it terminated its existing business combination and agreed to a new deal with Concord Acquisition Corp. This gave Circle a $9 billion valuation, double the previous July 2021 agreement with Concord Acquisition.

USDC’s circulation had more than doubled since the original deal was announced, reaching $52.7 billion as of 17 February 2022. Speaking on this matter, Jeremy Allaire, Circle’s co-founder and CEO expressed his optimism following the partnership. He stated:

“Circle has made massive strides toward transforming the global economic system through the power of digital currencies and the open internet.”

Allaire aimed at public listing through the aforementioned merger with a special purpose acquisition company (SPAC). This would further strengthen trust and confidence in Circle. He added:

“This is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new