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Circle is considering an IPO by 2024: Bloomberg

Circle, the company behind USDC, is reportedly in talks to launch an IPO in early 2024, after its first attempt fell through in 2022.

Boston-based fintech company Circle Internet Financial Limited, the company behind stablecoin USDC, is reportedly considering an initial public offering (IPO) in early 2024, inside sources told Bloomberg.

An IPO is the first sale of a company’s shares to the public, shifting it from a privately-held entity to a publicly-traded one. The goal is to raise capital from investors to expand upon and facilitate business operations.

“Deliberations are ongoing,” sources told Bloomberg, adding that there’s no certainty that the company will proceed with the IPO.

Related: Stablecoin issuer Circle intervenes in SEC v. Binance case, maintains stablecoins aren’t securities

If Circle does go ahead with it however, the company could be valued at around $9 billion, based on figures from 2022, when it first tried to go public in a blank-check deal.

Circle has backing from institutional giants including Goldman Sachs, Fidelity, and BlackRock – the latter of which sent the Bitcoin market spiralling upward with its spot Bitcoin ETF application.

USDC is the world’s second-largest stablecoin by market capitalisation, after Tether (USDT). It holds a market cap of $24.4 billion, CoinGecko data shows.

Circle’s IPO would come at a critical time, coinciding with the UK’s planned introduction of stablecoin regulations in early 2024.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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