. USDC is currently the second largest stablecoin in circulation, with a market cap of $43 billion.
Under the terms of the agreements, Concord had until Dec. 10 to consummate the transaction or seek a shareholder vote for an extension. However, it appears that Concord chose to have the time limit lapse instead. As"Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team.
Circle further reiterated that it"became profitable in the third quarter of 2022, with total revenue and reserve interest income of $274 million and net income of $43 million." The company currently has $400 million in unrestricted cash. While the stakeholders didn't directly state the reason behind the deal's fallout, the ongoing crypto winter has led to a spiral of downward revisions for many companies' valuations. On top of that, SPAC mergers have also performed poorly, with the IPOX SPAC index benchmark falling over 40% since reaching all-time highs in February 2021. Likewise, Israeli cryptocurrency exchange eToro
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