Stablecoin Issuer Circle Cancels Plan to go Public

Circle, the company behind stablecoin USDC, has terminated its agreement with special purpose acquisition company (SPAC) Concord Acquisition Corp, thereby stepping back on its plan to go public.

The firm said on Monday that the decision to cancel the agreement has been approved by the board of both companies.

The stablecoin issuer had announced plans to go public in July of 2021, with a valuation of $4.5 billion. The valuation was later doubled when the firms amended their terms in February of this year.