The company behind the USDC stablecoin, Circle Internet Financial, has confidentially submitted a draft registration statement for an initial public offering (IPO) with the Securities and Exchange Commission (SEC).
The number of shares to be offered and the price range for the proposed offering have not yet been determined.
The IPO is expected to occur after the SEC completes its review, contingent on market conditions. Circle, previously valued at $9 billion, had planned to go public via a special-purpose acquisition company in 2022 but terminated the deal in December.
The company, led by CEO Jeremy Allaire, aims to become a publicly traded entity despite the prior setback. USDC pegged to the U.S. dollar, is the second-largest stablecoin globally and the seventh-largest cryptocurrency.
The IPO filing by Circle Internet Financial, which did not disclose the number of shares or the proposed price range, comes in the wake of the company’s layoffs in July 2023 during a crypto industry slowdown.
Despite facing challenges in the crypto market, Circle is pushing forward with its plans to become a publicly traded entity.
Also Read: Circle Secures Patent for Blockchain Parallel Processing
