Circle, the issuer of the USDC stablecoin, is preparing for an initial public offering (IPO) in the United States, according to Fortune, citing its own sources.
The exact timing of the listing remains undetermined. Insider information suggests that Circle plans to file for the IPO by the end of April.
The company is also collaborating with investment banks JPMorgan Chase and Citi.
Typically, about a month elapses between filing for an IPO and the commencement of trading.
USDC is the second-largest stablecoin with a market capitalization of approximately $60 billion. According to CoinGecko, its main competitor, Tether’s USDT, reaches $144 billion.
Back in July 2021, Circle announced plans to go public through a reverse merger with Concord Acquisition. However, on December 5, 2022, the issuer abandoned this plan.
In November 2023, Bloomberg journalists reported Circle’s intention to enter the stock market. In January 2024, the firm confidentially filed for an IPO in the United States.