Bitcoin Dollar: One of the largest issuers has pulled out of a million-dollar deal

The dollar Bitcoin and dlar digitalas they are commonly called stable coins, they continue to cause problems for their market. These cryptocurrencies he maintains its parity with some traditional currencyUS dollars are usually used as savings and leverage.

They are issued private companies who have the responsibility protect backups that maintain 1:1 parity with the dollar or other fiat currency. Recently, one of the most important in the market took a sharp step back and alarm bells were ringing in the markets.

Circle, a company developing a USDC stablecointerminated the contract with the company acquisition for a special purpose (SPAC) Concord Acquisition Corp and therefore abandoned his plan to go public.

Qu pas con el dlar USDC

The company confirmed the cancellation of its IPO yesterday. In July 2021, the company announced its intention to become a joint-stock company. It was worth $4.5 billion at the time, and has since doubled..

Circle CEO Jeremy Allaire says the pullback is because of this Securities and Exchange Commission “failure to comply on time” (SEC) in the United States.

“I think the SEC has been rigorous and thorough in understanding our business and the many new aspects of this industry,” he added. “This type of review is necessary to ensure security, transparency and accountability for the largest crypto companies..

But Circle isn’t alone. Fintech eToro also pulled out of the public markets earlier this year. Like the cryptocurrency mining company PrimeBlock.


According to a Bloomberg analyst, the price of bitcoin is in the "final stages of decline."
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