BOSTON – Circle Internet Financial, the Boston-based fintech company known for its USDC stablecoin, has taken a significant step toward going public by filing a draft confidential registration statement with the Securities and Exchange Commission (SEC). ). The move toward an initial public offering (IPO) comes after the company's planned merger with a special purpose acquisition company (SPAC) was canceled in December 2022.
The previous merger, which was supposed to value Circle at $9 billion, did not materialize. However, Circle is pressing ahead with its ambitions to enter the public market. The company, led by CEO Jeremy Allaire, has not disclosed the number of shares or the price range of the proposed offering at this time.
Circle's USDC stablecoin boasts a market cap of $25 billion, securing its position as the second-largest stablecoin by market cap, trailing only USDC. Stablecoins like USDC are digital currencies designed to maintain a stable value relative to a specific asset, often the US dollar, making them a vital component in the cryptocurrency market for traders and investors looking to avoid The volatility.
Confidentially filing a draft S-1 with the SEC is a preliminary step that companies typically take before going public. It allows them to work with regulators to address any concerns before making their financial information public and officially launching the IPO process. Circle's move toward an IPO signifies a growing trend of cryptocurrency-related companies seeking to access public stock markets, despite recent turmoil in the crypto space.
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