Circle’s USDC, the world’s second-largest stablecoin, is gunning for the title of the world’s top stablecoin as it closes in on Tether’s market capitalization after doubling its valuation to US$9 billion in a revised merger deal. 

See related article: Stablecoin issuer Circle to go public in US$4.5B SPAC deal

Fast facts

  • Over the last three months, USDC’s market cap outpaced that of Tether by growing 52.19% while Tether’s market cap increased by 6.08%.
  • Last month, Circle overtook Tether’s supply on the Ethereum network, now with 46.9 billion in circulation to Tether’s 39.8 billion. 
  • Circle announced on Thursday that it renegotiated its terms of a merger with Concord Acquisition Corp., a special purpose acquisition company (SPAC), to double its valuation to US$9 billion from US$4.5 billion set last July. 
  • Circle’s merger with Concord is expected to be finalized by Jan. 31, 2023.

See related article: Tether unveils reserves and backing for its USDT stablecoin in new report