Stablecoin issuer Circle confidentially files for IPO
Why it matters: Stablecoins have been one of the hottest topics for regulators in the digital assets space, and Circle pitches itself as a company ready and willing for regulatory compliance.
- It also has one of the longest track records with the most useage among stablecoin companies.
Details: The filing is all we know so far. By submitting confidentially, the company is able to keep sensitive information private while it readies for a listing. Its registration statement would then need to be made public at least 15 days before launch.
Flashback: A previous plan by Circle to go public was canceled at the end of 2022.
By the numbers: At its peak, the company's stablecoin, usd coin (USDC), had a market cap of over $56 billion in June 2022.
- It has since fallen to $25 billion. The worst drop came last year, when it lost its peg with the U.S. dollar severely amidst the regional banking crisis.
- It remains the second-largest stablecoin, though the market leader, tether (USDT), has nearly four times its market cap.
Be smart: Stablecoins are cryptocurrencies designed to have low or no volatility, usually by pegging their price to the U.S. dollar.