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.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
