It’s all going on at Circle. Not only is the company’s own stablecoin, USD Coin, becoming more and more popular, the company is now also announcing its IPO.
There may still be no Bitcoin ETF, but this does not detract from the institutionalization of the crypto sector. More and more companies from the crypto environment are flooding the stock exchange. So now Circle. The company behind the second largest stablecoin by market capitalization announced yesterday July 8th that it is becoming a public company. Accordingly, the IPO is to be completed in the fourth quarter of this year on the New York Stock Exchange (NYSE), the largest stock exchange in the world.
The formalities of the project are, however, quite complex. Circle is not planning the IPO as a sole corporation, but has reached a deal with Concord Acquisition Corp, a so-called Special Purpose Acquisition Company. Both companies are to merge under the auspices of a specially founded Irish holding company and thus become a listed company. According to company statements, Concord shareholders will receive shares in the new corporation at a ratio of 1 to 1. According to the press release, they have already agreed on a ticker. In the future, the Circle shares will operate under CRCL in New York.
Circle climbing
If you take a look at the history of Circle, the IPO is obvious. After all, USD Coin (USDC) with a market capitalization of US $ 26 billion (USD) and a total on-chain transaction volume of US $ 785 billion is already the second largest stablecoin after Tether (USDT) and the eighth largest cryptocurrency of all. Overall, Circle is valued at $ 4.5 billion.
Circle’s main focus after its stock market debut will continue to be the expansion of an open and inclusive financial system. Jeremy Allaire, founder of Circle:
Circle was founded with the mission to transform the global economic system through the power of digital currencies and the internet. We have taken great strides in realizing this vision, and by going public, we are taking an even bigger step forward in building an internet financial services company on a global scale. We want to help companies everywhere integrate themselves into a more open, inclusive and effective global economic system
With USD Coin, Circle has also established a real box office hit and guaranteed profit. Not only is the stablecoin available on more and more blockchains (we recently reported about the launch on Tron), in some respects USDC is already overtaking the top dog Tether. According to reports, Tezos (XTZ) also wants to host USDC soon.