Circle has announced it will pursue an initial public offering (IPO). Circle is the issuer of the second largest dollar-based stablecoin, USDC.
According to a statement by the firm, the company has filed a confidential draft registration statement (S-1) with the Securities and Exchange Commission (SEC).
Circle said the number of shares to be offered and the price range for the proposed offering have not yet been determined.
The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions – which should be completed later this year.
While Circle is a top stablecoin issuer, it is probably better to view the firm as the next generation of payment rails – creating the ability to move value immediately at a very low cost.
Circle previously moved to become a public firm in a SPAC transaction that valued the company at $4.5 billion. The SPAC collapsed at the end of 2022.
Currently, USDC is the 7th largest digital asset by market cap at over $25 billion. Its top competitor, Tether, is the 3rd largest digital asset at over $95 billion.
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