Despite the long road toward its IPO, USDC stablecoin issuer Circle Internet Financial is not giving up on its dream. For more than 2 years since it started pursuing going public, CEO Jeremy Allaire said the firm has build a strong business pending the listing. Despite silence in the process in recent times, Allaire told Bloomberg the firm is still committed to going public.
Circle IPO: Potential Timeline?
The first attempt the company made to go public hinges on the partnership with Concord Acquisition Corp. As a Special Purpose Acquisition Company (SPAC) Concord could have taken the firm public in 2022. However, the deal failed at the time, taking Circle back to the drawing board.
In January, the firm filed a draft statement to pursue the IPO. More than 9 months later, the firm is still awaiting the US SEC’s approval. Going public is considered one of the biggest moves a firm can make in pursuit of bigger funding.
Per the interview, Jeremy Allaire said Circle does not need to raise funds from the private market at this time.
“We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding,” He said.
Notably, the Circle CEO failed to share more insight on the timeline of the IPO. While it is taking longer than usual, many believe the public listing milestone might come in early 2025. Pending that time, the stablecoin giant has boosted its hiring process across the board.
Stablecoin Regulation and Business Growth
Backed by some of the biggest names in the industry including Coinbase and BlackRock, Circle has a high influence in the market. Currently valued at $34.4 billion, it operates the second highest stablecoin – USDC.
Per its influence, Circle often clamors for regulatory clarity in the US. Jeremy Allaire is one of the masterminds lobbying for the stablecoin regulation in the US. The point many makes is that with proper regulatory guidance, the firm can create and grow the stablecoin products properly.
The firm is growing its reach in the European Union following the launch of Markets In Crypto Assets (MiCA) regulation. With this, Circle has two of its stablecoins USDC and EURC currently dominating in value locked in the region. Beyond the EU, the company is also pushing into Australia in partnership with MHC Digital.
The post Circle CEO Confirms IPO Plans Remains Intact, Here’s Likely Timeline appeared first on CoinGape.
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