NewsletterBreaking: USDC Issuer Circle Mulling IPO In Early 2024
Stablecoin issuer Circle is reportedly planning to go for an initial public offering (IPO) in early 2024, joining the likes of Coinbase (COIN) among core crypto companies that went public. Currently, discussions are said to be ongoing in preparation of a potential IPO.
Also Read: US Federal Reserve Vice Chairman Calls for Private Stablecoin Regulation
Circle IPO: Before Bitcoin Halving?
While the announcement is yet to be made officially by the company, Bloomberg reported that the company was internally discussing the same currently, indicating a lack of certainty about the timeline. “The company is talking to advisers as it prepares for a potential initial public offering,” Bloomberg quoting people familiar with the matter. Compared to the last two years, time is relatively ripe for crypto companies going public, considering signs of market recovery and a Bitcoin price rally ahead of the Bitcoin Halving event.
The development comes only months after US based crypto exchange Coinbase purchased a stake in Circle. The acquisition involved a revenue sharing model from Circle’s combined revenue with Coinbase from the USDC coin trades. At the time, CoinGape reported that the exchange had generated $151 million in revenue from USDC during the second quarter.
Stablecoin Regulation In US
This comes amid much debate on the need for stablecoin regulation in the US lawmakers, as several lawmakers push for a streamlined process to govern the usage of dollar backed stablecoins. The US House Financial Services Committee had in July 2023 passed The Clarity for Payments Stablecoin bill, which is aimed at creating a comprehensive legal framework for stablecoins.
The total market cap of USD Coin (USDC) currently stands at $24.43 billion, making the stablecoin the sixth ranked among top cryptocurrencies based on valuation. Its rival stablecoin, Tether USDt (USDT), in comparison, has a market value of $86 billion. While USDT’s market cap rose by over 21% compared to an year ago, the USDC total market size reduced by a staggering 68% during the same period.
While the Bitcoin price almost doubled compared to a year ago, the Microstrategy (MSTR) Stock Price rose by over 124% during the same period, thanks to the company’s aggressive stance around BTC accumulation.
Also Read: Dubai Sets November 17 Deadline for Crypto Licensing Compliance
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