Circle eyes IPO as USDC market dominance dips to two-year low
USDC's market dominance has recently reached its lowest level since 2021.
Insiders familiar with the matter revealed that the stablecoin issuer had initiated discussions with advisors to facilitate the IPO process. While the exact valuation Circle aims for remains undisclosed, it’s worth noting that the company held a $9 billion valuation during its previous attempt to go public last year.
A Circle representative told Bloomberg that one of the company’s strategic aspirations was to become a public company in the U.S. However, the spokesperson failed to provide additional information, saying the company doesn’t comment on rumors.
Circle has yet to respond to CryptoSlate’s request for additional commentary as of press time.
In 2021, Circle had initially agreed to go public via a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp., but this arrangement ultimately fell through in December 2022.
Circle has previously garnered investments from prominent institutions such as Goldman Sachs, General Catalyst, BlackRock, Fidelity Management, and Marshall Wace.
Notably, Circle is not the only crypto company contemplating a public offering. Recently, CryptoSlate reported on Ripple’s potential interest in pursuing a similar path, sparked by one of its recent job postings.