The company behind one of the largest stablecoins in crypto wants to hit Wall Street next.
What’s happening:
- USDC stablecoin issuer Circle has confidentially filed for an IPO with the SEC to become publicly listed on a major US stock exchange
Why it matters:
- Circle is one of the most important companies in the crypto ecosystem, building real world applications for stablecoins to be used for global payments
- Circle has built significant digital asset infrastructure to help revolutionize cross border payments and instant settlements, including assembling a wide range of notable partners such as Robinhood, Visa, Mastercard, MoneyGram and others
Going deeper:
- Circle previously entered into a deal with a SPAC to go public at a valuation of approximately $9B USD, however the transaction was ultimately cancelled
- Circle has many notable investors already, including Fidelity, BlackRock, Goldman Sachs and others
- Aside from USDC, Circle is also the issuer of EURC which is a Euro dollar backed stablecoin
By the numbers:
- USDC is the 7th largest digital asset in the world
- The current market capitalization of USDC is approximately $25B USD
