Circle reportedly considering 2024 IPO: Bloomberg

Circle Internet Financial Limited, the Boston-based issuer of the USDC stablecoin, is considering going public in early 2024, unnamed sources familiar with the matter told Bloomberg

See related article: UK plans to introduce fiat-backed stablecoin rules in early 2024

Fast Facts

• The stablecoin issuer is talking to advisers about an initial public offering but hasn’t made a final decision yet, Bloomberg reported.

• Circle was valued at US$9 billion when it attempted a public listing through a merger with special purpose acquisition company (SPAC) Concord Acquisition Corp. before the stablecoin issuer withdrew from the deal last December. 

• Circle raised US$400 million from investors including Goldman Sachs, General Catalyst Partners, BlackRock and Fidelity in April 2022, when the firm’s valuation stood at US$7.7 billion according to Axios.

• USDC is the world’s second-largest stablecoin by market capitalization, with a US$24.4 billion market cap, second to Tether’s USDT, which has a market cap of over US$86.1 billion, according to CoinMarketCap data. 

See related article: Singapore, Japan, Switzerland and U.K. to collaborate on digital assets pilots