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Circle, the company behind the stablecoin USDC, has filed for a US initial public offering (IPO).
The firm made the announcement on Thursday but did not disclose the number of shares it intends to sell or its proposed price range.
"Circle Internet Financial (Circle) today announced that it confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC"), relating to the proposed initial public offering of its equity securities," Circle stated.
"The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions," it added.
In 2022, Circle said it was valued at $9 billion under deal terms with Concord Acquisition Corp which aimed to take it public via a special-purpose acquisition company (SPAC).
Ultimately the deal with the Bob Diamond-backed group fell through. "We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle's core strategy to enhance trust and transparency, which has never been more important," said Jeremy Allaire, Co-Founder and Chief Executive Officer of Circle at the time.
USDC is the second-biggest stablecoin, after Tether (USDT), and is backed by cash and cash equivalents, including short-term Treasury bonds.
The de-pegging of USDC last year, over it's issuer Circle's exposure to Silicon Valley Bank, raised concerns about the stability and credibility of stablecoins. This led to a loss of confidence in USDC's stability and resulted in its market share falling, while that of its main rival USDT has continued to grow.
Blockhead
Overall, the depegging events of USDC and the increasing market dominance of USDT highlight the challenges and risks associated with stablecoins, as well as the need for industry-wide standards and best practices to maintain trust and stability in the stablecoin ecosystem.
