Circle, the issuer of USDC, applies to go public in the US

Circle USDC
  • USDC Issuer Seeks to Become a Public Company in the US
  • Reported the filing of a form for an initial public offering (IPO) with the SEC
  • Circle had already advanced plans to launch on the US stock market 

Circle, a leading stablecoin issuer, intends to become a public company in the US.

The USDC issuer filed a confidential application with US regulators to sell shares to the public for the first time, the company revealed in a press release on Thursday.

In the publication, Circle announced the filing of a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC), in connection with a proposed initial public offering (IPO) of its variable income securities.

The number of shares to be offered and the price range of the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions, the Boston-based company said in the statement.

Circle had already advanced its plans to become a public company in the US and in 2021 entered into a merger agreement to pursue that vision. However, that deal with Concord Acquisition Corp, a publicly traded special purpose acquisition company (SPAC), ended in December 2022 by agreement of both parties.

The company, which at the time had said it was valued at $9 billion, reiterated its intentions to go public following the completion of the merger deal, but until now had not mentioned the plans again. 

USDC is currently the second-largest stablecoin, after Tether (USDT), and the seventh-largest cryptocurrency overall, according to CoinMarketCap. The tokens are backed by cash and cash equivalents, including short-term Treasury bonds.

According to the data, there are around $25 billion worth of USDC tokens in circulation, down from a peak of more than $56 billion recorded in mid-2022.