USDC Stablecoin Publisher, Circle Ready To Go Public Via IPO Next Year

USDC stablecoin publisher Circle plans an IPO in the near future. (Photo; Doc. Coincultur)

JAKARTA - Circle, the company that published the USD Coin stablecoin (USDC), is reportedly preparing to go public through an initial public offering (IPO) in early 2024. According to Bloomberg, citing an anonymous source familiar with Circle's plans, the company is in discussions with its advisers on the IPO, although no definite decision has yet been made.

Circle, a giant crypto company that was founded in 2013, intends to go public or take the floor on the stock exchange. Circle has a valuation of around $9 billion (Rp 140.85 trillion) and is known as the publisher of USDC, stablecoins whose value is equivalent to US dollar. USDC currently has a market capitalization of around $24.6 billion (Rp 384.69 trillion), despite having reached $55.9 billion (Rp 874.49 trillion) in June last year.

Circle had planned to go public through a merger with Concord Acquisition, a Special Destination Acquisition Company (SPAC) in 2022. However, the plan was canceled last December, as Circle was unable to meet the requirements set by the US Securities and Exchange Commission (SEC). Jeremy Allaire, CEO of Circle, admitted that he was disappointed with the failure, but remains committed to going public.

In an email to Bloomberg, a Circle spokesperson confirmed that the company is still ambitious to go public, but does not want to respond to rumors about the IPO. "We have no habit of responding to baseless claims," he said.

Circle is supported by several large investors in financial services, such as BlackRock, Goldman Sachs, Fidelity Management, Marshall Wace, General Catalyst Partners, and others. Last April, Circle raised $400 million (Rp 6.2 trillion) from BlackRock and Fidelity.