Circle Internet Financial has revived its hopes of becoming a publicly traded company.
The company behind the USDC stablecoin said it has confidentially filed for a US IPO (though not quite as confidential since it issued a press release).
Circle said the number of shares to be sold has not yet been determined and no proposed price range for the offering has been provided. The offering is expected to take place after the SEC completes its review process.
The Boston-based company is the issuer of USDC, which is pegged to the US dollar and is the second-largest stablecoin after Tether. There is another $25 billion worth of USDC in circulation.
Try it again
This isn't Circle's first attempt to enter the public market.
Circle's proposed merger with blank-check firm Concord, backed by former Barclays boss Bob Diamond, is its own long and convoluted story.
The company – an issuer of USD Coin, a type of stablecoin – announced
In July 2021, Circle announced that it was merging with Bob Diamond's special purpose acquisition company, Concord Acquisition Corp. would merge, giving the company a value of $4.5 billion.
However, USD Coin's circulation quickly doubled, and in early 2022, Circle terminated its previously announced merger agreement and agreed to new terms that doubled the crypto company's value to $9 billion.
This deal was scheduled to close or be extended in December 2022, but was canceled instead.
“We are disappointed that the proposed transaction has expired. However, becoming a public company remains part of Circle’s core strategy of strengthening trust and transparency, which has never been more important,” Circle co-founder and CEO Jeremy Allaire said in the release at the time.
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Illustration: Dom Guzman
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