Stablecoin issuer Circle has confidentially filed paperwork for an initial public offering (IPO) in the U.S. The company is pursuing plans to become a publicly traded company, according to Reuters.
The company, which is behind the popular stablecoin USDC, did not disclose details on the potential size or pricing of the proposed offering. The IPO would take place following regulatory review by the Securities and Exchange Commission (SEC), subject to market conditions.
Circle had made previous attempts to go public
Circle previously attempted to go public in 2022 through a merger with a special purpose acquisition company (SPAC) at a $9 billion valuation. However, that deal fell through in December, and Circle CEO stated that the transaction timed out.
As the issuer of USDC, the second-largest stablecoin globally, Circle has been a major player in the rapid growth of digital assets pegged 1:1 to government-backed currencies like the U.S. dollar. There is currently $23.5 billion worth of USDC in circulation.
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Stablecoins aim to provide crypto traders and investors with a safer store of value amid the often intense price swings in the cryptocurrency sector. The revelation comes at a time when the SEC has approved all spot Bitcoin ETFs in the US.