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Fox-Geen revealed that the SPAC process takes longer for crypto companies.
Circle chief financial officer (CFO) Jeremy Fox-Geen, has hinted at a possible public listing in the fourth quarter of the year. Last year, Circle announced its coming public listing via a Special Purpose Acquisition Company (SPAC), Concord Acquisition Corp. (NYSE: CND). In a Twitter thread posted on the 8th of July, 2021, Circle CEO Jeremy Allaire spoke on the need for a public listing. According to the CEO and co-founder, Circle becoming a public company enables transparency. He added that transitioning from a private to a public company gives the USDC stablecoin provider transparency about its businesses. He said the company will also disclose the reserves that back USDC. Allaire said Circle plans to become “the most public and transparent operator of full-reserve stablecoins in the market today.”
Circle Eyes Public Listing
Following the $4.5 billion SPAC deal with Concord Acquisition last July, the company is now moving forward with its public listing and will expectedly finalize the process before the end of 2022. The filing, which contains all the information about the company, is currently under review by the US Securities and Exchange Commission (SEC). With the latest amendment published on the 11th of this month, Fox-Geen said Circle could be transparent with its public listing princess since it is through a SPAC. Notably, other crypto companies going public through an initial public offering (IPO) cannot reveal the process to the public. The CFO added:
“As for now, we remain under a common review process with the SEC, they have a job to do, and it’s an important job. This is a novel industry. We’re a novel company, and their job is to ensure that the disclosures are complete and accurate.”
Furthermore, Fox-Geen revealed that the SPAC process takes longer for crypto companies. In his words, the SEC determined how long the process takes. Regardless, the company expects to be publicly listed within the last four months of the year.
Circle’s Reserve Assets
In an interview with Decrypt, the CEO explained how the company operates amid concerts of the USDC crashing like the USDT. The stablecoin issuer wrote about the assets backing the token in its first monthly full breakdown. The company explained that its USDC reserve is exclusively in cash and three-month US Treasury bonds. It added that the reserve also stands alone from its general operation.
According to Circle, the total amount of USDC in circulation as of the 30th of June was 55,569,519,982. Meanwhile, reserve assets backed the coin were $55.7 billion. Circle said $13.58 million of the total amount was in cash at regulated US banks. Also, $42.1 billion was in treasury bonds.