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USDC Issuer Circle’s $9 Billion Acquisition, Public Listing Suffers Delay

USDC issuer Circle's public listing suffers delay as Concord Acquisition Group plans to extend the $9 billion acquisition to January 2023.
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USDC Issuer Circle’s $9 Billion Acquisition, Public Listing Suffers Delay

Special purpose acquisition company Concord Acquisition Group plans to further delay USDC issuer Circle’s acquisition to January 2023. Circle’s CEO Jeremy Allaire earlier confirmed plans to go public in Q4 2022 after closing the acquisition deal. Meanwhile, the USD Coin (USDC) market cap continues to shrink as compared to the rival stablecoin USDT.

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SPAC Plans to Delay $9 Billion Circle Acquisition

According to a filing with the U.S. SEC, Concord Acquisition Group plans to extend the acquisition of Circle Internet Finance to January 31, 2023. The acquisition was set to be completed in December, after continued delays in closing the acquisition deal since last year.

The SPAC seeks stockholders’ approval on the above proposal to delay the acquisition. In addition, stockholders will also vote on another proposal to allow the chairman to further delay the acquisition under conditions of insufficient votes to approve the foregoing proposal. The board recommends stockholders approve the delay to have the opportunity to participate in the investment.

In July, Circle’s CEO Jeremy Allaire stated the transaction would close in Q4 this year. Also, it will go public in Q4 in combination with Concord Acquisition Group. However, Circle hints the SEC is behind the delay. USDC issuer earlier stated that the company looks to complete the qualification process with the SEC to become a listed company. The regulator remains skeptical about trust, transparency, and accountability concerns with Circle.

The crypto crash and regulatory scrutiny regarding stablecoins led to an initial delay in the acquisition deal in June. However, regulators’ strict stance on stablecoins and DeFi remains until regulatory frameworks are introduced for the new asset class. Moreover, the bear market and Fed’s hawkish stance on rate hikes also impacted the acquisition.

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USDC Market Cap Fall

Moreover, the USDC market cap has fallen immensely since the crypto crash. The market cap plunged below $50 billion in September after whales and investors sold their USDC holdings amid sanctions on Tornado Cash.

At the time of writing, the USDC market cap is $43.60 billion. Meanwhile, the USDT market cap continues to rise after a fall during the crypto crash. USDT’s market cap is $69.40 billion.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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