Circle Internet: Stablecoin Issuer Files for IPO

• Circle Internet Financial Initiates Steps to Go Public
• About USDC
• Circle's Decision to Go Public
• Earlier Attempt at Going Public
• Market Impact on Circle
• Coinbase's Venture into Public Trading

Circle Internet Financial Initiates Steps to Go Public

Circle Internet Financial, renowned as the provider of the USDC stablecoin, recently made a move to take the company public. It has confidentially submitted a draft S-1 document to the U.S. Securities and Exchange Commission (SEC), as revealed in a company statement. The specifics of the proposed offering, such as the number of shares and the price range, are yet to be decided upon, according to the filing.

About USDC

USDC, the flagship stablecoin of Circle Internet Financial, is currently the second-largest of its kind in the market. It boasts a market cap approximately USD 25 billion. Tether$1.000 -0.12%, the leading stablecoin, commands a market cap around USD 95 billion, as per the data by CoinMarketCap.

Circle's Decision to Go Public

The financial institution's move to list its shares publicly comes in the wake of the SEC's approval of a series of spot bitcoin ETFs. The proposed Initial public offering is anticipated to occur once the SEC concludes its review process. This is, of course, subject to market and other varying conditions, added the company.

Earlier Attempt at Going Public

Circle had previously planned to go public through a Special Purpose Acquisition Company (SPAC) deal in 2021. Its valuation was reported to be USD 9 billion in February 2022. The deal, however, did not actualize as Circle was unable to meet the SEC's qualification in time, stated Jeremy Allaire, Circle's CEO.

Market Impact on Circle

Last year, due to a bearish market triggered by the downfall of FTX$3.28 -5.38%, Celsius, and Three Arrows Capital, Circle had to lay off a part of its workforce.

Coinbase's Venture into Public Trading

Shares in Coinbase, marked by the ticker symbol COIN, went public in April 2021. The exchange's shares were listed on Nasdaq at a valuation of USD 85.8 billion.

Edited by Jonathan Stoker