Circle Internet Financial, the company behind USD Coin (USDC), the world’s second-largest stablecoin by market cap, has taken significant steps towards becoming a publicly traded entity. According to a recent report by Reuters on Jan. 11, Circle has confidentially filed for an initial public offering (IPO) in the United States.
While the details of the IPO, including the number of shares to be offered and their price range, remain undisclosed, this move marks a pivotal step in Circle’s journey towards public trading. The company anticipates that the IPO will move forward after the U.S. Securities and Exchange Commission (SEC) completes its review, though this is contingent on prevailing market conditions.
Circle’s path to an IPO began to take shape in 2021, with an initial announcement of a plan to go public via a merger with Concord Acquisition Corp. This deal, initially valued at $4.5 billion, later increased to an estimated $9 billion in 2022 but was ultimately terminated.
The possibility of Circle pursuing a direct IPO resurfaced in 2023, as per a Bloomberg report citing anonymous sources. These reports suggested that Circle was in discussions with advisors in preparation for a potential IPO. At that time, a spokesperson for Circle acknowledged that becoming a publicly listed company in the U.S. has been a long-term strategic goal, although they refrained from commenting on the speculation.
Circle is widely known for issuing USDC, a stablecoin pegged to the U.S. dollar. USDC has established itself as one of the leading stablecoins globally, boasting a market capitalization of $25 billion.