Stablecoin issuer Circle, a peer-to-peer payments technology company behind the popular USDC stablecoin, was quick to clarify that its decision to abolish its plans of going public has nothing to do with the collapse on Sam Bankman-Fried’s FTX cryptocurrency exchange.
A spokesperson for the firm made the statement shortly after Co-founder and CEO Jeremy Allaire revealed they failed to promptly complete all the requirements and qualifications set by the U.S. Securities and Exchange Commission (SEC) for their public listing.
Some tried to tie this development with the spectacular collapse of the crypto exchange that was once valued at $32 billion after companies such as crypto lender BlockFi suffered bankruptcy shortly after the fallout of the FTX drama.
In addressing this particular matter, Allaire said Circle managed to be profitable during the third quarter of the current year, making $274 million in revenue and holding $400…
