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Stablecoin Issuer Circle’s SPAC Deal With Concord Scrapped

  • Circle still intends to go public in future, CEO Allaire says
  • Crypto firm joins long list of SPAC failures this year
Jeremy Allaire

Jeremy Allaire

Photographer: Bryan van der Beek/Bloomberg
Updated on

Circle Internet Financial, the issuer of the world’s second largest crypto stablecoin, said its planned merger with special purpose acquisition company Concord Acquisition Corp. that was once valued at $9 billion has been scrapped. 

The pair had been in talks to take Circle public since June last year, but delays plagued the process as the broader crypto sector settled into bear market territory. An amendment to the deal in February doubled Circle’s valuation to $9 billion, when Circle’s USDC stablecoin had a market circulation of approximately $52 billion -- a figure that has since dropped to around $43.4 billion, according to pricing data from CoinGecko.