The crypto industry’s second-largest stablecoin issuer after Tether (USDT) Circle (USDC)announced that it has canceled its plan to go public. The company is Concord Acquisition Corp. After the possible merger with the company, it gave up its planned public offering move.
Circle has dissolved its merger with Concord Acquistion. Neither side gave an explanation as to why the agreement was terminated.
The stablecoin issuer only shared the following detail in its termination announcement:
“Both companies have decided to cancel the merger initiative after due diligence and consultation.”
Circle and Concord announced in July 2021 that they would like to merge in order to go public. As a result of negotiations held in February of last year, Circle’s market capitalization had increased from $4.5 billion to $9 billion.
Circle officials announced that they are seeking other methods to go public despite the termination of the merger attempt. The company reiterated its vision to provide the necessary infrastructure and service for a global crypto economy.
Giant stablecoin Jeremy Allarie, CEO of the issuer, recently announced the company’s balance sheet. Allire announced that Circle generated $274 million in revenue and $43 million in net income in Q3 2022.
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