Today Circle and Concord Acquisition Corp said the NYSE listing of Circle through a merger with the Concord SPAC has been abandoned. Circle is the issuer of the second largest stablecoin, USDC.
The two companies first agreed to merge in July 2021 in a deal valued at $4.5 billion. The transaction timeline was extended in February, doubling Circle’s valuation to $9 billion. The recent collapse of FTX and its impact on the cryptocurrency sector make it tricky for a merger to proceed at that valuation.
“Becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” said Jeremy Allaire, co-founder and CEO of Circle.
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