Circle Internet Financial, the Boston-based fintech company known for its USDC stablecoin, filed a confidential draft registration statement with the SEC. The move toward an IPO comes after the company’s planned merger with Concord Acquisition fell apart in December 2022. The fintech as recently as two months ago was reportedly mulling a public offering.
Circle and Concord mutually terminated the merger agreement. The SPAC deal was announced in July 2021 at an implied valuation of $4.5 billion, later doubled to $9 billion.
The company, led by CEO Jeremy Allaire, has not disclosed the number of shares or the price range for the proposed offering at this time.
Circle’s USDC stablecoin boasts a market capitalization of $25 billion, securing its position as the second-largest stablecoin by market cap, trailing only behind Tether. Stablecoins like USDC are digital currencies designed to maintain a stable value relative to a specific asset, often the US dollar, making them a vital component in the cryptocurrency market for traders and investors seeking to avoid volatility, Investing.com reported. Read more.
