Circle Internet Financial, a cryptocurrency operator, announced on Monday that it has decided to terminate a $9 billion deal with blank-check firm Concord Acquisition Corp, nearly ten months after an earlier agreement was amended. The company did not go into detail about its plans to go public. In the third quarter, Circle, the primary operator of stablecoin USDC, reported a net income of $43 million and nearly $400 million in cash. “We are disappointed that the proposed transaction did not go through; however, 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.
