Summary
Circle, the company behind the USDC stablecoin, has announced its plans to go public in the US. The IPO is expected to take place after the SEC completes its review process. The number of shares and the price range have not yet been determined. This is not the first time Circle has expressed interest in going public, as the company previously considered a special purpose acquisitions company route. However, those plans were abandoned after the collapse of FTX. Circle’s CEO Jeremy Allaire has stated that becoming a public company is part of the company’s strategy to enhance trust and transparency. In August, Coinbase announced it would take a stake in Circle, showing its commitment to the success of USDC.
Key Points
1. Circle has filed a draft registration statement for an initial public offering (IPO) in the US, with the IPO expected to take place after the Securities and Exchange Commission (SEC) completes its review process.
2. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
3. Circle previously sought to go public through a special purpose acquisitions company (SPAC), but abandoned its plans after the collapse of FTX in November 2022. The company’s CEO, Jeremy Allaire, stated that becoming a public company remains part of Circle’s core strategy.