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USDC issuer Circle plans US move ahead of IPO – Crypto News

Published

2 years ago

May 16, 2024

Dripp

Circle Internet Financial Ltd., the entity behind the stablecoin USDC, is set to move its legal headquarters from Ireland to the United States.

This is aimed at aligning with U.S. financial regulations as the company prepares for an anticipated initial public offering (IPO).

Circle filed for the IPO in January. The process is subject to the Securities and Exchange Commission (SEC) review and prevailing market conditions.

The decision to move Circle’s legal base to the U.S. is made in the context of a complex regulatory environment for cryptocurrencies and stablecoins within the nation.

Circle previously attempted to go public through a US$ 9 billion special-purpose acquisition company (SPAC) deal, a plan that was abandoned in December 2022.

Circle’s USDC has a market capitalization of US$33 billion, second only to Tether’s USDT in stablecoin rankings.

It is also the sixth-largest cryptocurrency in the world, according to CoinGecko data.

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