The Circle Internet Financial and Concord Acquisition Corp. board have agreed that Circle would no longer be publicly listed.
The decision was made by both companies on Monday.
Circle had been contemplating a merger with Concord Acquisition, a special purpose acquisition company backed by former Barclays CEO Bob Diamond.
A Blank check company, a SPAC, is a business entity created for the purpose of raising cash through an IPO or merging with another business.
Circle would have been worth $9 billion under the terms of the agreement, double that amount of $4.5 billion that was first disclosed in July 2021.
Circle is known as the creator of the stable coin USDCUSD, which is currently one of the most valuable cryptocurrencies and the second most valuable stable coin by market value with a market value of more than $43 billion.
The company maintained its profitability in the third quarter of 2022, reporting total sales of $274 million, inclusive of interest on its reserves, and a net income of $43 million, according to Circle CEO Jeremy Allaire.
Circle reported having $400 million in cash in the third quarter.
Allaire said that Circle is still committed to going public and that the decision to end the contract was disappointing.