Circle is a peer-to-peer payments technology company. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle is the issuer of the USDC stablecoin, with US$55 billion in circulation as of August 2022.[non-primary source needed] In July 2021, Circle announced a plan to merge with a special-purpose acquisition company called Concord Acquisition Corp. to go public, a deal that valued the company at $9 billion.