Circle Internet Financial, the issuer of the USDC stablecoin, has confidentially filed for a proposed IPO, the company announced on Thursday. This move marks the company’s latest effort to enter the public markets.
Key Takeaway
Circle Internet Financial, the issuer of USDC stablecoin, has filed confidentially for an IPO, indicating the company’s endeavor to enter the public markets. The proposed IPO details are yet to be finalized, and this move follows the company’s previous efforts to access public markets through SPAC mergers.
USDC Stablecoin and Market Capitalization
USDC, the stablecoin issued by Circle, currently holds the second-largest market capitalization in the market, estimated at approximately $25.25 billion, based on data from CoinMarketCap. Tether, the leading stablecoin, surpasses USDC with a market cap of $94.65 billion at the time of this announcement.
Details of the Proposed IPO
The specifics regarding the number of shares and the price range for the proposed IPO are yet to be determined, as stated by the company. Circle has not provided immediate responses to inquiries regarding the distinctions between this IPO and its previous SPAC endeavors.
Private Filings for Public Offerings
The confidential filing for the public offering aligns with the provisions of the JOBS Act of 2012, which enables companies with revenue below $1 billion to initiate their documentation without immediate public disclosure of financial details.
Previous SPAC Endeavors
Circle had previously pursued entry into the public markets through a SPAC merger with Concord Acquisition Corp in July 2021. Subsequently, the company sought to enhance its SPAC value in February 2022, coinciding with an increase in the circulation of USDC. This strategic decision occurred concurrently with the Federal Reserve’s decision to raise interest rates, impacting the global economy and the valuation of digital assets.
