Circle Plans to Go Public in Early 2024
The issuer of the USDC stablecoin, Circle Internet Financial, is preparing for an initial public offering (IPO) in early 2024. The company has recently submitted an S-1 registration statement to the SEC, which is expected to be reviewed by the regulator in the coming weeks. This decision follows a series of discussions with advisors and financial regulatory bodies.
“Becoming a publicly traded company in the US has long been part of Circle’s strategic aspirations,” said a Circle representative last year.
In 2021, Circle had originally planned to go public through a $4.5 billion merger agreement with Concord Acquisition Corp. However, this agreement was canceled in December 2022.
Circle Valued at $9 Billion
Despite market fluctuations and the cancellation of the previous merger agreement, Circle’s valuation has remained high, at around $9 billion, demonstrating investors’ confidence and interest in the company.
Circle’s IPO could strengthen the legitimacy and recognition of stablecoins like USDC. Furthermore, this move may inspire other companies in the industry to follow suit, paving the way for further integration of cryptocurrencies into the traditional financial system.
Currently, USDC is the second largest stablecoin in the market, behind Tether’s USDT, with a market cap of over $25.2 billion. This ranks it as the 7th most important cryptocurrency, according to CoinMarketCap data.
