Circle in Talks With Advisers as it Plans to Go Public Again

November 08, 2023

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According to Bloomberg, Circle Internet Financial Ltd., the issuer of United States dollar-pegged stablecoin USDC, is currently talking to experts and advisers in preparation for a potential Initial Public Offering (IPO) in 2024. Some people familiar with the matter claimed that the firm is mulling the idea of going public again after an initial plan in 2022 had failed.

“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,” the report stated.

Circle Opt Out of Business Combination Deal With Concord

In 2022, Circle struck a business combination deal with Concord Acquisition Corp, a publicly traded company which is established for the primary purpose of acquiring other businesses. Circle’s contract with the Special Purpose Acquisition Company (SPAC) was billed for completion by December 8, 2022, with a possible extension date of January 31, 2023.

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The partnership which was yet to be consummated, was targeted at helping Circle go public. However, the deal was truncated after a mutual concession from both parties. At the time, the deal was worth approximately $9 billion.

Circle IPO: A Major Dream

Seeing that no confidential information has been disclosed, it is unclear how much Circle would want to be valued in an IPO but the stablecoin issuer has constantly demonstrated how important going public would mean for it. When its initial arrangement with Concord was dissolved, Circle reiterated how becoming a U.S.-listed company is one of the aspirations of the crypto firm.

“becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” said Jeremy Allaire, Co-Founder and CEO of Circle.

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USDC Issuer Bags Multiple Deals

Aside from the potential IPO, Circle has other projects and collaborations that are currently performing well.

Two months ago, Seychelles-headquartered top cryptocurrency exchange OKX announced a new partnership with Circle. The deal was targeted towards integrating USDC features on OKX Wallet and the OKX DEX aggregator with Circle’s Cross-Chain Transfer Protocol (CCTP).

Also, Circle recently rolled out a tool dubbed “Smart Contract Platform,” aimed at enabling developers to eliminate the intricacies associated with developing Web3 applications.