Internet Finance Circle (Circle) has has been filed in confidence for a proposed IPO, the company said Thursday.
Circle is the issuer of the stablecoin USDC, which has the second largest market capitalization in the market, valued at approximately $25.25 billion, according to CoinMarketCap. The largest stablecoin, Tether, had a market cap of $94.65 billion at press time.
The number of shares and price range for the proposed IPO has not yet been determined, the company said. Circle did not immediately respond to questions about how this IPO will differ from its previous SPAC efforts.
Private statements for public offerings were put into effect thanks to the JOBS Act of 2012, which allowed companies with less than $1 billion in revenue to start their paperwork without having to reveal the numbers to the general public for some time.
Two SPACs and one IPO
This isn’t Circle’s first foray into street markets.
The company originally planned to go public in July 2021 through a SPAC merger agreement with Concord Acquisition Corp. it would allow Circle to raise capital with a somewhat less proven business model.
Later, when the company decided to essentially double the value of its SPAC in February 2022, we noticed that the repricing was based on a huge increase in the amount of USDC in circulation.
It was around the same time that the United States central bank began raising interest rates. This has had several impacts on the global economy, and of course, the value of crypto assets. Overall, the market suffered as capital became more expensive, but fintech companies especially benefited from interest income as they kept cash and cash-like investments on their books.
