Cryptocurrency and blockchain services provider Circle Internet Financial Inc. today announced that it will now go public via a special-purpose acquisition company in a new deal that values it at $9 billion.

Circle announced in July that it intended to go public with Concord Acquisition Corp. in a deal that valued it at $4.5 billion. It’s now February and Circle has yet to proceed with its SPAC merger.

The company has terminated its original SPAC deal with Concord Acquisition Corp. and entered a new agreement with a $9 billion valuation. Circle said the increase in value reflects improvements in Circle’s financial outlook and competitive position. The company attributes the increase to the growth and market share of USDC, one of the most popular stablecoins.

A stablecoin is a form of cryptocurrency pegged to a stable reserve asset such as the dollar or gold. Thus the price remains mostly stable and volatility is reduced compared with other cryptocurrencies. Stablecoins have grown in popularity for making transfers between exchanges and for day-to-day commerce.

USDC’s circulation has more than doubled since the original deal was announced, reaching $52.5 billion as of Feb. 16.

The obvious question is when the SPAC merger will proceed, given that it has been sitting on the table for seven months. The new date is set or before April 3, when the new SPAC merger deal expires.

“Circle has made massive strides toward transforming the global economic system through the power of digital currencies and the open internet,” Jeremy Allaire (pictured), co-founder and chief executive officer of Circle, said in a statement. “Being a public company will further strengthen trust and confidence in Circle and is a critical milestone as we continue our mission to build a more inclusive financial ecosystem.”

Under the original deal, Circle was also said to be raising $415 million in private investment in public equity. PIPE participants included Marshall Wave, Fidelity Management, Adage Capital, accounts advised by ARK Investment and Third Point. It’s not mentioned by Circle that the PIPE funding is part of the new SPAC merger deal.

Photo: World Economic Forum/Flickr