Circle officially submits IPO application to U.S. SEC

Circle Internet Financial, the issuer of the USDC stablecoin, has filed for an initial public offering.

Company owned submit The company said in a statement that it has submitted a confidential draft S-1 document to the U.S. Securities and Exchange Commission (SEC). The number of shares to be offered and the price of the proposed offering have not yet been determined, according to the filing.

USDC is the second largest stablecoin, with a market capitalization of approximately $25 billion. Tether is the largest stablecoin with a market capitalization of approximately $95 billion.

Circle’s decision to become a public company comes one day after the SEC approved a series of Bitcoin spot ETFs. The IPO is expected to proceed after the U.S. Securities and Exchange Commission completes its review process, subject to market and other conditions, the company said.

Circle had originally planned to IPO through a special purpose acquisition company (SPAC) in 2021 and was reportedly valued at $9 billion in February 2022. However, Circle CEO Jeremy Allaire said the deal fell through because his company failed to meet the SEC’s “standards” in a timely manner.

The company laid off some of its staff last year during the bear market triggered by the collapse of FTX, Celsius and Three Arrows Capital.

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Itadori

According to “Block”