2nd biggest Stablecoin issuer Circle plans to go “Public” in 2024
Reportedly USDC issuer Circle is considering going public in the next year.
Circle is a popular crypto firm known for USDC, a US dollar-pegged stablecoin. This stablecoin firm is regulated & registered in the US. This year Circle faced huge regulatory pressure but still introduced new changes in the business operations to maintain the USDC stablecoin business more transparent & stable.
On 7 Nov 2023, A report by the Bloomberg media confirmed that Circle leaders increased their efforts to list Circle as a public company.
Reportedly the Circle spokesperson said that Circle advisors are in talk for an initial public offering (IPO) in early 2024. However, it’s the company’s top initial strategic plan but it is uncertain whether it will happen or not.
“Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations,” a Circle representative told Bloomberg.
Now it will be interesting to see whether Circle executives will respond officially on this matter or not because the current situation is still not much better for any crypto company in the US jurisdiction citing unclear rules & laws for cryptocurrencies.
Earlier this, in July 2021, Circle planned to go public in a $4.5-billion merger with Concord Acquisition but Circle failed to crack the deal because of some big issues.
In the early phase of this year, Circle faced a huge downfall. Following the bankruptcy of crypto-friendly banks & regulatory pressure, the USDC stablecoin depegged significantly from its $1 value, and the USDC market cap plunged badly which was not expected as Circle was fully regulated.
In this year Circle showed its inclination toward some non-US jurisdictions, to diversify its business. Last month, Circle jumped into partnership with Taiwan’s cryptocurrency market leader BitoGroup, and Taiwan FamilyMart, the nation’s second-largest convenience store chain.
Because of the downfall in the market dominance of Circle (USDC) stablecoin, top stablecoin firm Tether (USDT) grabbed a huge benefit and saw a rapid surge in dominance. Now it will be interesting to see whether Tether will plan to go public just like USDC or not.
Read also: Cardano collaborates with Polkadot, is it a bullish sign for Dot & ADA coins?
