Circle, co-issuer of the stablecoin USD Coin (USDC), intends to go public in the fourth quarter of the year, the company's CFO Jeremy Fox-Geen has confirmed.
According to him, the reverse merger with SPAC Concord Acquisition Corp will take place regardless of market conditions.
Circle was valued in February at $9 billion as part of an updated deal.
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Fox-Geen has acknowledged there is reason for community concern about the company's resilience amid the collapse of the Terra ecosystem and the series of difficulties faced by some companies in the industry.
The senior manager has assured the issuer itself could not interact directly with problem players, as the law "unambiguously requires USDC reserves to be stored only in a certain set of instruments."
He has said:
"We are not allowed to lend them, borrow against them, or use them to pay our bills. The reserve is held in segregated accounts for the benefit of USDC customers, and under money transmission laws. And under the US Bankruptcy Code, the USDC reserve is afforded all of the protections that are available that are under those laws and regulations given to every other large mainstream payments."