U.S. Circle to IPO ─ Reveals non-disclosure application | CoinDesk JAPAN

Circle Internet Financial, which issues the stablecoin USD Coin (USDC), submitted a draft S-1 document for its IPO to the U.S. Securities and Exchange Commission (SEC) on the 11th. It was announced that it had been submitted publicly.

The number of shares to be sold and the price range have not been determined. The company said the IPO is expected to occur after the SEC completes its review process and is subject to market and other conditions.

USDC is the second largest stablecoin with a market capitalization of approximately $25 billion (approximately 3,625 billion yen, equivalent to 145 yen to the dollar). According to data from CoinMarketCap, the market capitalization of the No. 1 Tether (USDT) is approximately $95 billion (approximately 13.8 trillion yen).

In 2021, Circle announced plans to go public through a merger with a special acquisition purpose company (SPAC) (so-called SPAC listing), and in February 2022, the company was reported to be valued at $9 billion. However, CEO Jeremy Allaire said that preparations were not made in time and the project failed.

In the US crypto asset industry, the crypto asset (virtual currency) exchange Coinbase was listed on the Nasdaq in April 2021 with a valuation of $85.8 billion.

｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: Circle CEO Jeremy Allaire (CoinDesk)
｜Original text: Stablecoin Issuer Circle Internet Files for IPO