According to Bloomberg, USD Coin (USDC) issuer Circle is considering an initial public offering (IPO) in early 2024.
November 7th Bloomberg report The stablecoin issuer is discussing the move with its advisers, but it is not certain whether the deliberations will result in a listing, people familiar with the matter said.
Circle initially agreed to go public through a $4.5 billion merger with Concord Acquisition in July 2021, but that agreement fell through.
“Becoming a U.S.-listed public company has been part of Circle’s strategic aspirations for many years,” a Circle representative told Bloomberg.
Circle remains tight-lipped about details. “We do not comment on rumors,” the representative added.
The potential IPO would mark the first time Circle, which is currently private, will offer shares to the public.
Related: Moody’s launches service that uses AI to predict stablecoin depegging
Circle was valued at $9 billion as of February 2022, after amending its merger agreement with Concord. However, USDC’s market capitalization fell 56% to $24.6 billion from its peak of $55.9 billion in June 2022.
our chief economist @gordonliao and his co-authors have received the following awards #DCFintechWeek In response to research showing that the use of stablecoins in speculative crypto trading has decreased by 90% since 2019. $USDC The era of utility has arrived. Kudos! https://t.co/XTjxc4Sdjr
— Circle (@circle) November 7, 2023
Circle has received investments from financial services firms BlackRock, Fidelity Management, Goldman Sachs, General Catalyst Partners and Marshall Weiss.
The USDC was temporarily depegged from the US dollar in March due to its $3.3 billion exposure to failed Silicon Valley banks. It bottomed out at $0.87 on March 11th and returned to $1 on March 14th. according to To CoinGecko.
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