Circle Prepares for Public Debut with Planned IPO Filing in April

Stablecoin issuer Circle is reportedly moving forward with long-awaited plans to go public, with sources indicating that the company will file for an initial public offering (IPO) later this month.

Stablecoin issuer Circle is reportedly planning to file for an initial public offering (IPO) later this month, according to a report by Fortune.

The company is expected to submit its IPO paperwork by late April, with its shares potentially beginning to trade as early as May if the process unfolds smoothly. However, the possibility of delays exists, and the listing could take several months to finalize.

To facilitate the offering, Circle is said to be working closely with major financial institutions, including JPMorgan Chase and Citi. This marks Circle’s second attempt at going public, having previously planned a SPAC merger in 2021 that ultimately fell through. That effort was abandoned in late 2022 amid the collapse of FTX and a broader downturn in the crypto market.

The news of Circle’s IPO filing comes shortly after the firm announced a partnership with the New York Stock Exchange’s parent company to explore the role of USDC within traditional finance. Additionally, Circle recently expanded its global footprint by securing regulatory approval to launch USDC in Japan, rendering it the first dollar-backed stablecoin to be permitted under the country’s new framework.

While regulatory hurdles had previously posed an impediment to Circle’s initial IPO ambitions, the company may encounter fewer obstacles this time. The SEC, now operating under acting Chair Mark Uyeda, appears more amenable to cooperating with crypto firms compared to the administration of former Chair Gary Gensler. Furthermore, President Biden's nominee for SEC Chair, Paul Atkins, has signaled a shift in approach, pledging to prioritize providing regulatory clarity for the crypto industry.

If successful, Circle’s IPO would be the most significant crypto-related public listing since Coinbase’s debut in 2021. It’s worth noting that Coinbase holds an equity stake in Circle, forging a closer link between the two firms.

The stablecoin sector is heating up with increasing interest from traditional financial players. While Tether’s USDT currently leads the market, several companies are venturing into the stablecoin domain.

In other developments, Donald Trump’s financial venture, World Liberty Financial, is preparing to launch its stablecoin, USD1, later this year. Meanwhile, Fidelity is also planning to enter the stablecoin space with a euro-denominated offering.