Stablecoin issuer Circle Internet Financial is considering a listing but has not yet made a final decision.
USDC issuer Circle Internet Financial Ltd. is considering an IPO in 2024, three years after it announced plans to go public through a special purpose acquisition company (SPAC) deal with Concord Acquisition Corp.
The Boston-based company is currently in talks with advisers, according to Bloomberg. So far, no final decision has been made as discussions are still ongoing. While Circle neither confirmed nor denied the report, a spokesperson told Bloomberg that “becoming a U.S. public company has long been part of Circle’s strategic vision.”
Circle’s IPO plan
Initially, Circle planned to become a public company in July 2021. However, in 2022, the USDC issuer announced a new agreement with Concord Acquisition Corp., giving it a valuation of $9 billion.
Nonetheless, its much-anticipated and highly anticipated SPAC deal failed to materialize due to the U.S. Securities and Exchange Commission’s (SEC) reluctance to approve the application.
In August 2023, U.S. cryptocurrency exchange Coinbase acquired a minority stake in Circle, with both entities taking a major step toward unwinding their central alliance partnership. The idea behind the USDC stablecoin was originally circle.
Later, the company established a consortium called Center to manage stablecoins. In addition to Coinbase, Circle has raised funds from investors including Goldman Sachs, BlackRock, Fidelity, Marshall Wace and others.
In late September 2023, Circle filed a note of protest as part of the SEC’s lawsuit against cryptocurrency exchange Binance.The company ask The court excluded stablecoins from the lawsuit because they cannot be considered securities. The appeal stated that the tokens did not have the characteristics of investment contracts.