Publisher of USDC, Circle, Files for IPO in the US
Circle, the issuer of USD Coin (USDC), the second-largest stablecoin by market capitalization, has revealed that it has submitted documents for an initial public offering (IPO) in the United States.
USDC Publisher Submits IPO in the United States
On January 11, 2024, Reuters reported that Circle has applied for initial public offerings (IPO) in the US.
The IPO filing is part of the company's plan to become a publicly traded company. However, the stablecoin issuer did not disclose the proposed price range for the IPO or the number of shares to be sold.
Circle expects the IPO process to proceed after the U.S. Securities and Exchange Commission (SEC) completes the review process, adding that it is still subject to market conditions.
Talks about Circle going public were previously discussed in 2021. At that time, the stablecoin issuer announced its plans to go public through a merger with Concord Acquisition Corp, with an initial valuation of $4.5 billion. This valuation increased to $9 billion in 2022 but was ultimately canceled.
As of the writing of this article (1/13/24), USDC ranks second in the USD stablecoin category with a market capitalization of $25 billion, below Tether (USDT) with a valuation of $95 billion.
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