• Circle would go public utilizing a special purpose acquisition company (SPAC).
  • USDC is only the second-biggest contributor to the top line.
  • Mostly Circle revolves around USD coin (USDC), the stablecoin it developed in collaboration with Coinbase. As per an investor presentation, Circle will go public utilizing a special purpose acquisition company (SPAC), the company has three lines of business, all creating growing revenue. Among those, USDC is only the second-biggest contributor to the top line.

    Moreover, Circle has been important on the more corporate and institutionally aimed side of the crypto industry. Furthermore, initiated by Jeremy Allaire and Sean Neville as a peer-to-peer payment firm that had a strong bitcoin orientation. More so, it has evolved into an infrastructure firm supporting most blockchain companies.

    At any point in time, one USDC is always worth one USD.

    It is backed exclusively by cash, cash equivalent and short-duration U.S. Treasuries. Those reserves are regularly checked by auditing firms. This way, you aren’t exposed to crypto volatility but you can send and receive money from one wallet to another using code — it works like any regular cryptocurrency transaction.

    Behind the scenes, USDC is available on several different blockchains.

    Each blockchain provides different advantages and drawbacks depending on what you’re looking for when it comes to fees, speed and convenience. USDC is currently available on Ethereum, Algorand, Solana, Stellar, Tron, Hedera, Avalanche and Flow.

    And USDC usage is growing rapidly. In July 2021, Circle said that there were $25 billion worth of USDC in circulation.

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    Filing circle usdc julyan


    NEW: USDC stablecoin backer Circle Internet Financial says it’s been subpoenaed by the U.S. Securities and Exchange Commission https://t.co/V9ck5FDQzC via @markets— Bloomberg Crypto (@crypto) October 5, 2021

    As reported by Bloomberg Crypto, Circle disclosed this fact, preparing to go public through a merger with special purpose acquisition company Concord Acquisition Corp.

    Circle admitted that the SEC requested information about its products and holdings operations:

    In addition, in July 2021, we received an investigative subpoena from the SEC Enforcement Division requesting documents and information regarding certain of our holdings, customer programs, and operations.

    Then, Circle representatives stressed that the team is “fully cooperating” with the SEC’s investigation.

    USDC supply adds 800% YTD

    As covered by U.Today previously, on Aug.

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    Cryptocurrency company Circle has announced that it has terminated its previous agreement with Concord Acquisition Corp., a publicly traded blank-check company — a SPAC. At the same time, it has reached a new deal with Concord Acquisition Corp. for a new merger. If the transaction goes through, Circle would become a public company at a $9 billion valuation.

    Originally announced in July 2021, the merger was supposed to close in Q4 2021.
    And it sounds like Circle wasn’t satisfied with its original deal that valued Circle at $4.5 billion. The company didn’t wait until the termination date of April 3, 2022 to scrap it and sign a new deal.

    Circle is better known as one of the founding members of the Centre consortium with Coinbase. This consortium is in charge of managing USD Coin (USDC), a popular stablecoin.

    That figure has more than doubled as USDC circulation has reached $52.5 billion.

    In addition to reserve-related incomes, Circle provides several APIs and yield-generating products. For instance, the company helps you process payments and trigger payouts with simple API calls. It is compatible with many classic payment methods, such as card payments, bank wires and ACH.

    Developers can take advantage of those services to create on- and off-ramps for their crypto products.
    And those “transaction and treasury services”, as Circle calls its API services, are generating most of Circle’s revenue. Some companies using Circle’s transaction and treasury services include Dapper Labs, Compound Labs and FTX.

    More recently, Circle started offering Circle Yield. Companies using Circle Yield can generate fixed interests through short-term investments that range from one to 12 months.

    Our broader strategic partnership with BlackRock, announced today, will allow us to explore new use cases where USDC may be an efficient resource in the financial services value chain,” Jeremy Allaire, co-founder and CEO of Circle, told TechCrunch.

    Crypto is altering the investing landscape for even the most disciplined VCs

    USDC is the second-largest stablecoin behind USD Tether (USDT) and the fifth-largest cryptocurrency by market capitalization, according to data on CoinMarketCap. Its market capitalization rose about 370% year over year from $10.82 billion to $50.83 billion and about $5 billion in volume was traded in the past 24 hours, up over 39%.

    Although USDC ranks in second place for stablecoins, compared to USDT, it has about $32 billion less in market cap and a 24-hour volume that’s roughly $73.6 billion less than the No.

    Circle buddy Coinbase just not into the SEC

    Indeed, Circle has become well-acquainted with regulators over the past few months.

    But Circle’s apparent relationship doesn’t compare to the contentious back-and-forth shared by the SEC and top US crypto exchange Coinbase.

    Coinbase (which partnered with Circle in 2018 to bring USDC to market) scrapped its proposed USDC lending product on the heels of an SEC threat to sue.

    Coinbase chief exec Brian Armstrong snapped back at the agency via Twitter:

    They are refusing to offer any opinion in writing to the industry on what should be allowed and why, and instead are engaging in intimidation tactics behind closed doors.

    Circle, a crypto-focused financial technology firm, has entered an agreement for a $400 million funding round, the company announced. It is expected to close in the second quarter of 2022.

    Investors in the round include BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.

    In 2018, The Centre Consortium issued its USD Coin (USDC), a stablecoin that is pegged to the U.S. dollar on a 1:1 basis. This means every USDC is backed by $1 in reserves. The Centre has two founding members: Circle and the cryptocurrency exchange giant Coinbase.

    In addition to the capital raise, BlackRock has entered a strategic partnership with Circle to be its primary asset manager of USDC cash reserves and explore capital market applications for its stablecoin, among other objectives.

    The investigations might not be unconnected from the press statement issued around that time which showed that Circle was planning to offer a yield program for institutional investors domiciled in the US and Switzerland. This yield program is way higher than what Coinbase was offering which also drew the angst of the regulator.

    Circle had revealed that the reserve of its stablecoin, USDC, was held mostly in cash and cash equivalents while the remainder was being held in commercial paper accounts, treasuries, and bonds.

    Interestingly, the crypto firm had agreed to pay the commission $10 million earlier in the year over its role as an unregistered crypto exchange for Poloniex.

    Gary Gensler’s SEC on the crypto tail

    The SEC under Gary Gensler has repeatedly revealed its intention to regulate the crypto space.

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