[NEWS] Circle, which issues USDC, plans IPO in 2024

Bloomberg reported on the 8th that Circle, the US company that issues the USD-backed stablecoin USD Coin (USDC), is considering an IPO as early as next year.

According to a person familiar with the matter, the IPO is expected to take place early next year. While Circle is currently discussing the matter with advisors, it is unclear whether the IPO will definitely go ahead.

Circle had planned to merge with Concord Acquisition Corp, a special purpose acquisition company (SPAC), in 2021 and conduct an IPO, but the plan was dissolved at the end of last year.

At the time, Circle dissolved the plan, stating that the SEC (US Securities and Exchange Commission) "did not recognize the filing as valid," and pursuing responsibility. At the time of the dissolution of the plan, the company's valuation was $9 billion (approximately 1.37 trillion yen). As the IPO plan moves forward, the focus will be on how much the valuation will be.

Circle CEO Jeremy Allaire told Bloomberg that he would not comment on rumors, but that "becoming a public company in the U.S. market is part of Circle's long-term strategic aspirations."

USD Coin, issued by Circle, is the second largest stablecoin after Tether (USDT), and has a market capitalization of approximately 3.68 trillion yen at the time of writing. Investors include Goldman Sachs and BlackRock, and the company is known as one of the leading companies in the cryptocurrency industry.

IPOs of cryptocurrency-related companies that have made headlines

One company whose main business is related to cryptocurrencies and whose IPO has made headlines is Coinbase, a major U.S. cryptocurrency exchange.

Coinbase, which went public on the Nasdaq in April 2021, was affected by the strong performance of the cryptocurrency market and the resulting improvement in performance, which reflected expectations in its stock price.

Circle's IPO could have a positive impact on the cryptocurrency industry, and future developments are expected to attract attention.

Reference:Bloomberg
Image: Shutterstock

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