USDC stablecoin issuer Circle mulls IPO in 2024: Bloomberg

Quick Take

Issuer of the USDC stablecoin, Circle, is considering going public next year with an IPO after another plan to do similar via a SPAC fizzled in 2022.
The company is backed by traditional financial giants like Goldman Sachs and BlackRock.

Circle, the issuer of the USDC stablecoin with a market cap over $24 billion, is considering an initial public offering in 2024, according to Bloomberg.

The company has been talking to advisers about a potential IPO, Bloomberg reported, citing anonymous sources. "While it’s not clear how much Circle would seek to be valued in an IPO, it was valued at $9 billion when it tried to go public in a blank-check deal in 2022," according to the report.

In 2021, Circle agreed to go public through a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp., but that arrangement later fizzled. "Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors," a representative for Circle told Bloomberg.

Circle's investors including financial heavyweights like Goldman Sachs, Fidelity and Blackrock. The USDC stablecoin, once boasting a market cap near $56 billion, began a dramatic decline in June 2022.