Circle Internet Financial, issuer of the USDC stablecoin, has pulled the plug on its planned Spac deal with Concord Acquisition Corp, the blank check firm run by former Barclays bigwig Bob Diamond.
The parties say they have mutually terminated the deal, which was first outlined last July before being amended in February at double the valuation.
According to a statement, the decision was made because Concord had until 10 December to consummate the deal but has yet to secure the necessary Securities and Exchange Commission S-4 registration statement green light.
Circle chief Jeremy Allaire insists the blockchain giant still plans to list in the future.
"We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle's core strategy to enhance trust and transparency, which has never been more important," he says.
Adds Diamond: "I remain confident in Circle's regulatory-first approach to building trust and transparency in the financial industry, which has never been more important, and I will continue being an advocate for the company as it continues to grow."