Circle will go public in the fourth quarter of 2022. About this in an interview with the publication Decrypt reported to CFO Jeremy Fox-Gene.
The reverse merger with SPAC Concord Acquisition Corp will take place regardless of market conditions. In February, Circle under a renewed agreement estimated at $9 billion.
In addition, Fox-Gene spoke of an awareness of the grounds for community concern about the firm’s resilience against the backdrop of Terra collapse and succession of difficultiesfaced by some industry participants.
In response, the top manager said that the issuer himself could not directly interact with problem players, since the law “unambiguously requires that USDC reserves be stored only in a certain set of instruments.”
“We are not allowed to provide in them [стейблкоинах] loans, borrow on collateral, or use to pay bills. The collateral is held in segregated accounts in accordance with the Law on Money Transfers. A similar regulatory framework applies to PayPal, Venmo, Block’s Cash App, or Apple’s Apple Pay product. It protects hundreds of tens, if not hundreds of millions of individuals with billions of dollars,” Fox-Gene said.
In accordance with the US Bankruptcy Code, the USDC reserve fund is provided with all available remedies, he added.
Recall that in April 2022, Circle CEO Jeremy Allair announced that the company was at the stage of applying for US cryptocurrency bank licenses. According to him, this should happen “in the near future.”