Circle Internet Financial Ltd., the issuer of the globally recognized USDC stablecoin, is reportedly considering an initial public offering (IPO) in early 2024, according to insider details released today. The company is currently consulting with advisers and deliberating on the potential listing, although a final decision remains uncertain.
This strategic move reflects Circle's long-term aspiration to be a public company. The firm was previously valued at $9 billion in an unsuccessful 2022 blank-check deal, and at $7.7 billion during a funding round in the same year.
Circle's previous attempt to go public in 2022 through a merger with Concord Acquisition Corp., led by former Barclays Plc CEO Bob Diamond, did not succeed. Despite this setback, the company boasts an impressive investor portfolio including prominent firms such as Goldman Sachs Group Inc (NYSE:GS)., General Catalyst Partners, BlackRock Inc (NYSE:BLK)., Fidelity Management and Research LLC, and Marshall Wace LLP.
As one of the largest issuers of global stablecoins, Circle experienced a brief depeg due to its $3.3 billion exposure to the collapsed Silicon Valley Bank. In a commitment to transparency, Circle has pledged to regularly share its financial reports and has appointed Deloitte as its auditor.
The sought-after IPO valuation for the potential 2024 listing remains undisclosed. The company's previous unsuccessful public attempt valued it at $9 billion, indicating a potential high valuation for the future listing.
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