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Circle: Company behind USDC stablecoin cancels IPO

Circle, the company behind the USDC stablecoin, is delaying its IPO.

By Mike Hesp
• 1 min read
Circle: Company behind USDC stablecoin cancels IPO

Circle, the company behind the USDC stablecoin, is delaying its IPO. The planned SPAC deal is off the table.

Circle will not go public for the time being. The company behind the USDC stablecoin announced this in a press release. The merger with SPAC Concord Acquisition Corp was mutually terminated. The boards of both entities approved the termination.

It is not clear why the contract was terminated specifically. The current turbulent market environment is plausible. Circle CEO Jeremy Allaire said he was "disappointed" the deal did not close. The move to become a publicly traded company, however, remains "part of the core strategy," he adds.

Last July, Circle announced plans for a stock market debut on the New York Stock Exchange (NYSE). It planned to debut with Concord Acquisition Corp under the guidance of a joint Irish holding company.

Last February, the parties negotiated a mutual termination right until December 8, 2022. This right has now been exercised.

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