Cryptocurrency operator Circle Internet Financial announced on Monday the company has decided to cancel the $9 billion deal with blank-check firm Concord Acquisition Corp.
"We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle's core strategy to enhance trust and transparency, which has never been more important," CEO Jeremy Allaire noted in a press statement.
Circle issues the USDC stablecoin, with $55 billion in circulation according to the data from August. In its third-quarter earnings results, the company registered $43 million et income and ended the quarter with almost $400 million in cash.
