Stablecoin issuer Circle pulls plan to go public as it scraps SPAC deal

Circle has withdrawn from its plan to go public by terminating its contract with special-purpose acquisition company (SPAC) Concord Acquisition Corp.

The stablecoin issuer has previously stated that it intended to go public in July 2021 with a $4.5 billion valuation. Later, when the firms revised its conditions in February, the valuation was doubled.