The co-issuer of the USDC stablecoin, Circle Internet Financial, has confidentially filed for an initial public offering (IPO) in the United States as part of its plan to become a publicly traded company.
The firm has not disclosed the number of shares or the price range for the IPO.
Circle’s intention to go public first emerged in November 2023. According to Bloomberg, the company had already begun discussions with advisors at that time. Goldman Sachs, General Catalyst, and BlackRock may be involved in the initiative.
The stock offering is expected to occur after the SEC completes its review of the S-1 filing, “subject to market and other conditions.”
USDC is the second-largest stablecoin with a market capitalization of approximately $25.3 billion. According to CoinGecko, its main competitor, Tether’s USDT, has a market cap of $95 billion.
At the time of writing, Circle’s stablecoin dominance index stands at approximately 19.3%.
In August, Coinbase acquired a minority stake in the firm. The Center consortium, managed by both companies, will be dissolved. It was responsible for issuing USDC, which will now be solely managed by Circle.
In July, Circle CEO Jeremy Allaire discussed plans to launch a stablecoin in Japan.