The SEC reportedly derailed stablecoin issuer Circle's plans to go public in a $9 billion SPAC deal

• The Securities and Exchange Commission would not sign off on Circle's plans to go public, according to the Financial Times.
• The stablecoin issuer, worth $4.5 billion at the time, first announced SPAC plans in July of 2021.
• Despite the terminated deal, Circle said that it's "necessary, appropriate and reasonable for the SEC to have a thorough, rigorous review process."

Circle, the company behind the world's second-largest stablecoin, abandoned plans to go public after the US Securities and Exchange Commission failed to sign off on the firm's $9 billion merger with a special purpose acquisition company, the Financial Times reported on Wednesday.