According to Reuters, Circle Internet Financial, the company behind the stablecoin USDC, announced on Thursday (11th) that it has secretly filed for an initial public offering (IPO) in the United States as part of its plans to become a publicly traded company.
Circle did not disclose the number of shares it plans to sell 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 related 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, that deal ended in December 2022. At the time, Circle CEO Jeremy Allaire stated, “While we are disappointed that we did not complete the SEC qualification process 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). Its circulating value is currently around $25 billion, lower than the peak of over $56 billion in mid-2022.
