Circle Plans to Go Public with an IPO in 2024 After Failed SPAC Attempt - COINTURK NEWS
reklamı kapat

Circle Plans to Go Public with an IPO in 2024 After Failed SPAC Attempt

8:38 am (27 days ago)
November 8, 2023

According to Bloomberg, Circle, the issuer of the second-largest stablecoin in the stablecoin market, USDC, is considering going public with an IPO next year after a similar plan through a SPAC failed in 2022. The company’s IPO plan is supported by traditional financial giants such as Goldman Sachs and BlackRock.

Circle’s IPO Plan

Circle, the issuer of USDC, the second-largest stablecoin in the market with a market value of over $24.4 billion, plans to go public for the first time in 2024. According to Bloomberg’s anonymous sources, the company is in discussions with advisors regarding the potential IPO. The report states that it is unclear how much valuation Circle aims to achieve in an IPO, but when it attempted to go public with a blank check agreement in 2022, it had a valuation of $9 billion.

Circle had previously agreed to go public through a Special Purpose Acquisition Company (SPAC) called Concord Acquisition in 2021, but the deal later ended in failure. A representative from Circle commented to Bloomberg, “Being a publicly listed company in the US has long been part of Circle’s strategic goals. We don’t comment on rumors.”

Circle’s investors include heavyweights such as Goldman Sachs, Fidelity, and BlackRock. USDC, once valued at nearly $56 billion, has faced a dramatic decline in June 2022, losing over 50% of its market value since then.

Stablecoins and USDC

USDC is an altcoin, primarily a stablecoin. Stablecoins are altcoins that exhibit low volatility or no volatility in the cryptocurrency market. USDC is a stablecoin with its value pegged 1:1 to the US dollar. Therefore, 1 USDC is generally equal to 1 US dollar.

Circle is a financial technology company and the developer and issuer of USDC. USDC circulates on Blockchain networks such as Ethereum and can be transferred quickly and at low cost through these networks. This helps users protect their cryptocurrencies with an asset of more stable value. USDC is frequently used in cryptocurrency trading and other cryptocurrency transactions, and it is supported by many cryptocurrency exchanges and wallets.

USDC is useful when users want to stabilize their cryptocurrencies at a specific value and to protect against high volatilities in the cryptocurrency market. Additionally, the advantages of USDC, such as transaction speed and low transaction fees, make it a preferred stablecoin in the cryptocurrency world.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts