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Circle Internet Financial, the entity responsible for the prominent stablecoin USDC (CRYPTO: USDC), announced its confidential filing for an initial public offering (IPO) in the United States.
This move aligns with the company's ambition to transition into a publicly traded entity, Reuters reported.
While details such as the number of shares to be offered and their price range remain undisclosed, Circle's IPO is poised to occur after the SEC's review completion, contingent on prevailing market conditions and other factors.
Boston-based Circle holds the reins for issuing and managing USDC, a digital currency that mirrors the U.S. dollar's value.
In 2022, Circle agreed to a public listing through a special-purpose acquisition company (SPAC), valuing the company at $9 billion. However, this deal was terminated in December 2022. Reflecting on the development, CEO Jeremy Allaire expressed his disappointment over the lapse of the proposed transaction but reaffirmed the company's intent to pursue a public listing.
USDC is the second-largest stablecoin, trailing only Tether (CRYPTO: USDT), and ranks as the seventh-largest cryptocurrency globally, per CoinGecko's crypto market tracking.
The stablecoin, known for being backed by cash and cash equivalents including short-term Treasury bonds, has approximately $25 billion in circulation, a decline from its mid-2022 peak of over $56 billion.
The crypto industry, after experiencing a phase of exponential growth, faced a downturn in 2022.
This slump was marked by a cautious approach from investors and the collapse of several high-profile crypto firms, including the notable FTX (CRYPTO: FTT) exchange, leading to a decrease in token prices.
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