Stablecoin

United

USDC

Diamond

<div class="cryptonews">
 <p class="is-style-lead">The USDC issuer Circle is taking another jab at going public after a SPAC agreement with Concord Acquisition broke down in late 2022.&nbsp;</p>
 <p>Stablecoin operator Circle has filed a confidential S-1 form with the United States Securities and Exchange Commission (SEC) according to a Jan. 11 press release seen by crypto.news. The draft indicates Circle’s intent to go public and offer shares in an initial public offering (IPO).</p>
 <p>The number of shares Circle intends to offer and the price range for these shares was undisclosed at press time.&nbsp;</p>
 <p>This filing is Circle’s second attempt at going public, but the firm’s first direct go at an IPO. Previously in 2021, the stablecoin company announced a special purpose acquisition company (SPAC) agreement with a public firm known as Concord Acquisition, an entity founded by veteran investment banker Bob Diamond in the same year amid a bull run.&nbsp;</p>
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 </div>
 <p>The stablecoin provider planned to double its market value to over $9 billion by merging with Diamond’s Concord.&nbsp;</p>
 <p>Although Circle filed an S-4 document with the SEC at the time, the deal ultimately broke down in late 2022/early 2023. Circle CEO Jeremy Allaire said the move was shuttered as his company fell short of the SEC’s qualification period. S-4 documents are submitted when a company seeks authorization for new share sales.&nbsp;</p>
 <p>At the time, Allaire noted “an awfully long time waiting for approvals” citing delayed feedback from Gary Gensler’s SEC. However, the CEO also maintained that Circle’s plans to go public were unchanged.&nbsp;</p>
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">1/ Some big @circle news. This morning, we announced the termination of our proposed deSPAC transaction. While disappointing that we did not complete SEC qualification in time, we remain focused on building a long-term public company. https://t.co/R0XYfCFD54</p>— Jeremy Allaire (@jerallaire) December 5, 2022
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 <p>The USD Coin (USDC) token is the second-largest stablecoin in crypto, making Circle the second-biggest operator behind Tether. Pegged to the US dollar, USDC boasts a market cap of over $25 billion. While this number puts Circle’s product in the top 10 cryptocurrencies in the world, USDC’s market cap has fallen nearly 50% in the past year.&nbsp;</p>
 <p>Moreover, the token experienced turbulence in Q1 2023 following a series of bank runs and a US banking crisis involving several mammoth financial institutions including Silicon Valley Bank.&nbsp;Over a year later, Circle is expanding across Europe, targeting key licenses in a bid to grow its market share.</p>
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   <img decoding="async" width="1024" height="558" src="https://cdn.thebittimes.com/images/2024/01/11/1645cfceaf44ca9fad20dfb0e3a6c322.webp" alt="Circle"> 
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   Circle’s USDC market cap | Source: CoinMarketCap
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Coinbase, Circle awarded crypto licenses in France ahead of MiCA
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/circle-files-for-ipo-in-us-tbt76306.html">https://thebittimes.com/circle-files-for-ipo-in-us-tbt76306.html</a></p>

Circle files for IPO in US

TheBitTimes

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