Circle announced a merger with Concord Acquisition Corp. The corresponding application was filed with the US Securities and Exchange Commission (SEC).
Circle, the issuer of the USDC stablecoin, has announced plans to become a national digital bank.
CEO Jeremy Aller says Circle has already started a merger with the public company Concord Acquisition. Concord filed a corresponding application with the US Securities and Exchange Commission (SEC).
According to Aller, the transformation process is taking place in accordance with the requirements of the Federal Reserve System (FRS), the US Treasury, the Office of the Comptroller (OCC) and the Federal Deposit Insurance Corporation (FDIC).
The company plans to change the entire financial system in the future, making it safer and stronger, added the head of Circle.
Aller also predicted that the USDC would grow to “hundreds of billions of dollars in circulation” in the coming years.
On August 9, Tether, the issuer of the USDT stablecoin, released a report from the auditing firm Moore Cayman, in which it confirmed the presence of assets to provide a stable digital coin.
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