Circle Internet Financial, known for the USDC stablecoin, has submitted confidential documents for a U.S. initial public offering (IPO).
Founded in 2013, Circle is known for creating USD Coin (USDC), the world’s second-largest stablecoin tied to the U.S. dollar, launched in 2018. With a market capitalization exceeding $25.2 billion, USDC competes with Tether, its primary stablecoin rival, which has a combined value exceeding $94.6 billion.
Originally planning to go public through a Special Purpose Acquisition Company (SPAC) with Concord Acquisition Corp. at a $9 billion valuation, Circle terminated the agreement in December 2022 due to the SPAC market downturn, coinciding with the bankruptcy of cryptocurrency exchange FTX.
The recent filing lacks specifics such as the number of shares or proposed price range, with the IPO contingent on SEC review completion, market conditions, and other factors.
Circle, previously targeting a $9 billion valuation in a 2022 deal that was terminated, expressed commitment to going public.
Headquartered in Boston, Circle manages the second-largest stablecoin, USDC, and ranks seventh in overall cryptocurrency market cap. The decision to go public reflects a broader trend of reduced deal activity in the crypto sector amid market challenges.
Other entities, including Apex Fintech and Aspen Insurance, have also confidentially filed for U.S. IPOs.
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