Barely two weeks into January and 2024 is already shaping up to be a transformative year for Circle as the stablecoin issuer sets its sights on a public listing via an IPO.
The fintech has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) relating to a potential IPO of its equity securities.
A brief press release published by the firm this week gave away little information other than that, Circle expects the IPO to occur once the SEC has completed its review process, and other market and regulatory conditions are satisfied.
Based in Boston, Circle is the issuer of the EURC and USDC stablecoins, the latter of which is pegged to the US dollar. The company is a rising name in the cryptocurrency and payments sectors, with the US largest crypto exchange, Coinbase, holding a minority stake in the firm.
Plans for an IPO build on Circle’s plans for multinational expansion, and listing on a public stock exchange – although it is not yet clear which exchange the firm would register on, whether that be NASDAQ, NYSE etc – could prove vital to raising capital to support these endeavours.
Last year saw Circle embark on a campaign of international growth, striking out into South American and Asia from its Massachusetts HQ. The company’s USDC coin was taken live in Brazil in partnership with Nubank, and its Singapore operation was granted a local Major Payment Institution licence.
These global growth plans have continued into 2024, with Europe now high on the agenda. Last week, the group secured its long-awaited registration as a Digital Asset Service Provider in France, and now plans to set up a European HQ in the country.