Circle is preparing for a much-anticipated public listing, receiving backing from financial giants JPMorgan Chase and Citigroup.
Third Attempt to Go Public
Circle plans to file for its IPO in late April, although the timeline might change. This is the company's third attempt to enter the public market. The first SPAC merger attempt in 2021 failed due to regulatory delays, and a second attempt with a confidential SEC filing in 2024 was unsuccessful.
Leading Players in the Stablecoin Market
Circle is best known for issuing USD Coin (USDC), the second-largest stablecoin behind Tether. USDC's circulation stands at $58 billion compared to Tether's $142 billion. Nonetheless, Circle remains competitive in the growing stablecoin market.
Technological Updates and Future Plans
With a crypto-friendly administration in place, companies like Kraken, Gemini, and BitGo have also disclosed intentions for public listings. Earlier this month, Circle launched an upgrade to its Cross-Chain Transfer Protocol (CCTP), reducing settlement times from minutes to seconds using updated smart contracts and APIs.
As the stablecoin market grows and technological innovations advance, Circle aims to become a public company, hoping for a successful IPO with support from major financial institutions.
