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Circle is the principal operator of stablecoin USDC and reported a net income of $43m and nearly $400m in cash in the third quarter. The deal with Diamond's Concord Acquisition Corp. had been set to expire later this week, after having previously been extended and recut. In the announcement, the company committed to becoming a public company, but said they did not have any specific plans at the moment.
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"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," said Jeremy Allaire, Co-Founder and Chief Executive Officer of Circle.
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