Circle Internet Financial aims to become a publicly-traded company through confidential IPO after terminating prior SPAC merger.
Circle Internet Financial, the issuer of the popular USD Coin (USDC) stablecoin, has confidentially filed for an initial public offering (IPO) in the United States.
According to BusinessWire, Circle submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission (SEC). The proposed number of shares to be offered and the anticipated pricing range have not been disclosed.
Circle CEO Jeremy Allaire stated that becoming a public company remains a “core strategy” for the firm in order to boost trust and transparency. This IPO filing comes after Circle previously sought to go public in 2022 through a merger with a special purpose acquisition company but ultimately called off that deal in December.
Launched in 2018, USDC has grown to become the second-largest stablecoin with a circulation of around $25 billion in tokens. It is designed to maintain parity with the U.S. dollar, with each USDC backed by $1 in cash and short-term U.S. Treasuries.
The IPO is expected to be completed after the SEC finishes reviewing Circle's filings, subject to market conditions at the time. This marks the latest crypto-centric company to eye going public as the industry continues working to regain trust after 2022’s market chaos.
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