Aaryamann Shrivastava
FXStreet
- USDC stablecoin issuer Circle secretly filed for an initial public offering (IPO) in the United States.
- The number of shares, as well as the price range of the IPO, are kept under wraps at the moment.
- The expected public valuation of Circle is set to be around $9 billion based on previous estimations from 2022.
Circle Internet Financial, the company that issues the world's second-biggest stablecoin USDC (USD Coin), has reportedly filed for an initial public offering (IPO) in the United States.
The information comes from Reuters, which reported that the company stated on Thursday that it had confidentially filed for the IPO.
Circle files for IPO
While confirmation is awaited from Circle, per the report, the USDC issuer has revealed no details pertaining to the filing. The number of shares planned to sell, or the proposed price range are all being kept confidential for now.
The IPO is yet to take place as the filing is presently with the Securities and Exchange Commission (SEC), which will review the application, subject to market and other conditions, according to Circle.
Circle going public has been in the works for a while now, with the company estimating its valuation at $9 billion in 2022. The initial plans to go public included a deal with a special-purpose acquisition company (SPAC) that ended in December 2022.
At the moment, USD Coin has a market capitalization of $25.24 billion, as the total USDC in circulation is at 25.24 billion. This is a significant decline from the $43.93 billion market capitalization that USDC had this time last year.
On the other hand, circulation of USDT, issued by Tether, has seen an increase from 66.25 billion in January last year to 94.64 billion at the time of writing. The total market capitalization of USDT is nearing $100 billion.
Tether market capitalization
However, the launch of the IPO of Circle could result in some of the funds shifting from USDT to USDC.
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