According to Reuters, Circle Internet Financial, the issuer behind the stablecoin USDC, announced on Thursday (11th) that as part of its plan to become a publicly traded company, the company has secretly submitted an application for an initial public offering (IPO) in the United States.
Circle did not disclose the number of shares planned to be sold or the proposed price range for its IPO. The company stated that the IPO is expected to take place after completion of the review process by the U.S. Securities and Exchange Commission (SEC), and will also depend on market and other relevant conditions.
Circle had previously planned to go public through a special purpose acquisition company (SPAC) transaction in 2022, with a valuation of $9 billion. However, the transaction ended in December 2022. Circle CEO Jeremy Allaire stated at the time, “While we are disappointed that we did not qualify for SEC clearance in a timely manner, we remain focused on building a long-term public company.”
According to CoinGecko data, USDC is currently the second largest stablecoin by market capitalization, second only to Tether (USDT), with a circulating value of approximately $25 billion, lower than the peak of over $56 billion in mid-2022.
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