Stablecoin

Cryptocurrency

EURC

USDC

Billion

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<p class="has-drop-cap">USDC issuer Circle <a aria-label="filed with the SEC to go public (opens in a new tab)" href="https://www.reuters.com/markets/deals/stablecoin-firm-circle-confidentially-files-us-ipo-2024-01-11/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">filed with the SEC to go public</a> through an initial public offering (IPO). The company has not yet disclosed details such as the number of shares it plans to issue or the proposed price range. Circle last valued itself at $9 billion when it <a aria-label="tried going public for the first time (opens in a new tab)" href="https://fortune.com/crypto/2022/12/05/circle-pulls-the-plug-on-spac-as-stablecoin-giant-returns-to-profitability/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">tried going public for the first time</a> in 2022.&nbsp;</p>
<h3 id="circle-makes-second-attempt-to-go-public">Circle Makes Second Attempt to Go Public</h3>
<p>Circle Internet Financial, the company best known as the issuer of the USDC stablecoin, <a aria-label="announced (opens in a new tab)" href="https://www.businesswire.com/news/home/20240111073632/en/Circle-Announces-Confidential-Submission-of-Draft-Registration-Statement-for-Proposed-Initial-Public-Offering" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">announced</a> on Thursday it had confidentially filed to go public via an IPO. Neither the number of shares Circle plans to issue nor the proposed price range were disclosed.</p>
<p>Circle noted that the offering is expected to transpire after the US securities regulator completes the review process, subject to market and other conditions.&nbsp;</p>
<p>The move marks Circle’s first attempt to go public since 2022, when it attempted to become a publicly traded company through a special purpose acquisition company (SPAC) deal. At the time, the peer-to-peer payments technology company said it was valued at $9 billion. Unfortunately, the deal did not go through and was terminated in December 2022, with the CEO, Jeremy Allaire, saying the proposed transaction “timed out.”&nbsp;</p>
<p>The new attempt to go public comes just a day after the <a href="https://tokenist.com/crypto-stocks-surge-in-premarket-trading-after-spot-bitcoin-etf-approved/" rel="noopener noreferrer nofollow" class="deco-link">SEC approved 11 applications</a> for spot Bitcoin ETFs, a monumental development for the broader crypto industry.&nbsp;</p>
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<h3 id="usdc-commands-a-marketcap-of-25-billion">USDC Commands a Marketcap of $25 Billion</h3>
<p>Circle issues and operates USDC, the second-biggest stablecoin, with a market cap of around $25 billion. Cryptocurrency assets are backed mainly by cash and cash equivalents, such as <a href="https://tokenist.com/circle-rebalances-its-treasury-holdings-as-risk-of-us-default-looms/" rel="noopener noreferrer nofollow" class="deco-link">short-term Treasury bonds</a>.&nbsp;</p>
<p>The company <a href="https://tokenist.com/usdc-to-be-launched-on-six-new-blockchains-as-coinbase-invests-in-circle/" rel="noopener noreferrer nofollow" class="deco-link">launched the stablecoin on six new blockchains</a> last year as part of Circle’s attempts to support the token following a challenging year. Although it’s still the largest stablecoin by valuation after Tether’s USDT, USDC has recently lost market share.&nbsp;</p>
<p>In addition to USDC, Circle also <a aria-label="issues EURC (opens in a new tab)" href="https://www.circle.com/en/eurc" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">issues EURC</a>, a euro-backed stablecoin available globally on Avalanche, Ethereum, Solana, and Stellar. Under a full-reserve model, EURC is fully backed by euros in euro-denominated bank accounts, ensuring a 1:1 redemption ratio.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>In your opinion, will Circle’s forthcoming IPO attract investor attention? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/usdc-stablecoin-issuer-circle-files-for-us-ipo-report/">USDC Stablecoin Issuer Circle Files for US IPO: Report</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

USDC Stablecoin Issuer Circle Files for US IPO: Report

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