Circle Internet Finance, the issuer of USD Coin, the second-largest stablecoin by market capitalization, has reportedly filed for an initial public offering (IPO) in the United States in a confidential manner. On January 11, Reuters reported that Circle's IPO filing is part of the company's strategy to go public, although details such as the proposed price range and the number of shares to be sold were not disclosed. The company anticipates that the IPO will proceed following the completion of the Securities and Exchange Commission's (SEC) review, contingent on market conditions.
The stablecoin issuer, Circle, had initiated talks in 2021 regarding a potential listing and merger with Concord Acquisition Corp at an initial valuation of $4.5 billion. Despite reaching a valuation of up to $9 billion in 2022, these plans were eventually abandoned. In 2023, rumors of Circle preparing for an IPO resurfaced, with reports suggesting discussions with advisers. While acknowledging that a U.S. listing was always part of its strategic plans, Circle did not provide specific comments on the rumors at that time.
Circle is renowned for issuing the USDC stablecoin, which is pegged to the U.S. dollar. With a market capitalization of $25 billion, USDC is among the largest stablecoins globally. The company envisions the IPO proceeding post the SEC's review, highlighting its dependence on prevailing market conditions.
