Circle, the issuer of stablecoin USD Coin, has announced that it will go public through a merger with special purpose acquisition company Concord Acquisition Corp in a deal valuing Circle at US$4.5 billion.

Fast facts

  • Law firm Brodsky & Smith has announced an investigation of the merger agreement, saying it may violate Concord’s fiduciary duties and the law. The law firm said Concord shareholders would retain only 4.9% of the combined entity. According to a press release from Circle, Circle shareholders will retain approximately 86% of its ownership.
  • At the end of May, Circle raised US$440 million from investors, including Fidelity, Valor Capital Group and London hedge fund Marshall Wace.
  • USD Coin can be exchanged 1:1 with the U.S. dollar and is currently the world’s second-largest stablecoin in circulation, second only to Tether. According to data from, there are nearly US$26 billion worth of USD Coin in circulation.
  • The transaction is expected to be complete in the fourth quarter of this year.