USDC issuer Circle and Concord Acquisition Corp. have mutually ended the $9 billion merger, which was scheduled to complete in 2023. The termination comes just several months after the two companies amended the deal – a move that had doubled Circle’s valuation from $4.5B to $9B.

Circle’s Plans to Go Public Remain Intact Despite Terminating the SPAC Deal With Concord

Circle, the firm behind the USD Coin (USDC) stablecoin, announced it had terminated the $9 billion deal with the special acquisition purpose company (SPAC) Concord Acquisition Corp. The move comes after the two companies mutually agreed to end the deal, just 10 months after reaching an agreement.

The deal, meant to take Circle public, was initially valued at $4.5 billion before the two companies amended the agreement, doubling the firm’s valuation. However, Circle said going public remains a vital part of its strategy.

“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.”

– Jeremy Allaire, Co-Founder and Chief Executive Officer of Circle

Under the terms of the deal, Concord must complete a business combination until Dec. 10, 2022. The agreement also allows Concord to seek a shareholder vote to extend that deadline to January 31, 2023, if the US securities regulator declares the S-4 registration statement for the business combination effective.

The move comes just a month after Circle and Concord delayed their merger deal for January 2023, marking a second postponement. According to the filing with the US Securities and Exchange Commission (SEC), the deal was delayed because Concord’s board requested more time to approve the transaction.

Circle Maintains Growth After Reaching Profitability

Besides the failed merger deal, Circle has maintained its growth trajectory in 2022, reaching profitability in the third quarter. The fintech reported total revenue and reserve interest income of $274 million in Q3 and a net income of $43 million. Additionally, the company ended the three-month period with almost $400 million in unrestricted cash.

“Circle plays a key role in the blockchain’s disruption of financial services. 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.”

– Bob Diamond, Chairman of Concord Acquisition Corp.

The deal termination comes amid a critical period in the digital assets sector as cryptocurrencies sit at multi-year lows. The market has deteriorated further in the recent weeks after the collapse of Sam Bankman-Fried’s FTX, which has eradicated billions of dollars in user funds.

This article originally appeared on The Tokenist

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