Circle Internet Financial is planning for an IPO. The specifics — share numbers and potential price — are unknown. Circle's IPO is dependent on the SEC's approval procedure and the market's condition.
This effort comes after Circle's stalled 2022 bid to go public through a special purpose acquisition company, in which Circle claimed a valuation of $9 billion. Following that misstep, Circle's CEO, Jeremy Allaire, indicated that the company intended to go public.
The Boston-based corporation controls the USDC stablecoin, pegged to the US dollar. It is the second largest stablecoin after Tether and ranks eighth in terms of crypto market capitalization. Around $25 billion worth of USDC tokens are in circulation, down from $56 billion in mid-2022.
Last year, the cryptocurrency market experienced a slump, with dropping token prices and hesitant investors. Following sector issues, Circle decided to lay off in 2023 and ceased non-core investments.
The decision to go public shows a decrease in transaction volume as a result of high-interest rates and turbulent markets. Other large companies, like Apex Fintech and Apollo-owned Aspen Insurance, have filed for U.S. IPOs, indicating a growing trend.
