Circle, the company behind the USDC stablecoin, is reportedly exploring an initial public offering in the upcoming year 2024, a move that could mark a significant step in the crypto industry’s intersection with traditional finance.
Circle, the firm that issues the USDC stablecoin valued at over $24 billion, is contemplating an IPO in 2024. The information comes from sources preferring to stay unnamed. Despite the lack of clarity on the potential valuation for the IPO, Circle’s worth was pegged at $9 billion during an unsuccessful public listing attempt in 2022 through a SPAC deal.
The previously planned merger in 2021 with Concord Acquisition Corp., a Special Purpose Acquisition Company, did not come to fruition. In response to the IPO rumors, a Circle spokesperson said, “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors.”
Some of Circle’s influential investors include Goldman Sachs, Fidelity, and Blackrock. The USDC stablecoin experienced a significant market cap decline from near $56 billion to its current level since June 2022.
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