Bitcoin

USDC

The global crypto industry moves ahead as US Securities and Exchange Commission (SEC) approves the applications to launch <a href="https://news.todayq.com/bitcoin-bulls-eye-2024-all-time-high-following-secs-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a>. In a recent development, Circle Internet Financial, responsible for the stablecoin USDC, has confidentially filed for a US initial public offering (IPO). This news came in when crypto enthusiasts were expecting Ripple to go for an IPO. When will Circle IPO be out? 
Fox Business Journalist Eleanor Terrett, Circle, a prominent crypto payments firm and the issuer of USDC, has initiated the process for an <a href="https://news.todayq.com/circle-eyes-ipo-in-2024-despite-regulatory-challenges/" target="_blank" rel="noopener noreferrer nofollow">initial public offering</a> (IPO). She added that Circle was anticipated to join the league of big crypto names seeking to go public this year, with another significant player in line Ripple.
According to reports, Circle Internet Financial issuer of USDC an IPO. The Boston-based company did not disclose specifics regarding the number of shares or the proposed price range. USDC, pegged to the U.S. dollar, holds the position of the second-largest stablecoin, and it is the seventh-largest cryptocurrency overall, according to CoinGecko.
The IPO is expected to proceed once the US SEC concludes its review process based on market conditions. Circle, valued at $9 billion in a 2022 deal, initially aimed to go public through a special-purpose acquisition company (SPAC) but terminated the deal in December 2022. Circle’s CEO, Jeremy Allaire, expressed disappointment at the time but affirmed the company’s commitment to going public. Who’s next in line? 
In a parallel move in the crypto space, Ripple Labs, renowned for its XRP coins, has announced a strategic buyback of $285 million worth of shares from early investors and employees. This tender offer values Ripple at $11.3 billion, allowing investors to sell up to 6% of their stake. Ripple plans to spend $500 million on further share buybacks to cover conversion costs and taxes.
Brad Garlinghouse, CEO of Ripple, stated that the company intends to conduct regular share buybacks to provide liquidity for investors. However, Ripple has no immediate plans for a U.S. public offering due to ongoing regulatory uncertainties. Garlinghouse emphasized Ripple’s robust financial position, holding over $1 billion in cash and more than $25 billion worth of crypto, primarily in XRP coins.
It is important to note that these moves by Circle and Ripple reflect a major shift in the cryptocurrency landscape, with major players exploring traditional financial markets through IPOs and strategic buybacks.
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USDC issuer Circle secretly files for IPO, Ripple next?

Todayq News

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