Circle Considers Going Public In 2024

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USDC stablecoin issuer Circle is reportedly exploring the possibility of an initial public offering (IPO) in early 2024. Circle is well-known for issuing the USDC stablecoin, the second-largest stablecoin pegged to the US dollar. An IPO would offer increased transparency for the company responsible for this significant digital asset.

Circle to Issue IPO in 2024? Reality or Rumor? 

According to Bloomberg, Circle, with a USDC market capitalization of over $24 billion, has been in talks with advisors about the potential IPO. The exact valuation for the IPO is yet to be determined. Still, in a previous attempt in 2022, the company was valued at $9 billion when it aimed to go public through a Special Purpose Acquisition Company (SPAC). Going public has been a long-standing part of Circle’s strategic goals. In 2021, the company had agreed to an IPO via a merger with a SPAC called Concord Acquisition Corp., but the deal fell through.

This development occurs when the regulatory landscape for stablecoins in the United States is scrutinized. Various lawmakers are pushing for a streamlined regulatory framework for dollar-backed stablecoins. In July 2023, the US House Financial Services Committee passed The Clarity for Payments Stablecoin bill, aiming to establish comprehensive legal guidelines for stablecoins. 

A Circle official told Bloomberg, “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations.” Circle won’t say more. The spokesman said, “We don’t comment on rumors.” 

Scope of USDT

USDC currently has a total market capitalization of $24.43 billion, making it the sixth-largest cryptocurrency by valuation. Its rival stablecoin, Tether (USDT), has a market value of $86 billion. While USDT’s market cap increased by over 21% in a year, the total market size of USDC declined by 68% during the same period. 

The consideration of an IPO is a significant development for Circle and the broader cryptocurrency industry, indicating the growing prominence and recognition of stablecoins in the financial world. As the digital currency landscape evolves, Circle’s potential IPO in 2024 could be an exciting development to watch, offering investors and enthusiasts an opportunity to participate in their growth. Stay tuned for more updates on Circle’s journey towards going public!