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Jeremy Allaire, CEO of Circle, the issuer of the USDC stablecoin, has confirmed the company’s commitment to achieving an initial public offering (IPO). According to a Bloomberg report dated October 27, Allaire emphasized that Circle has long-standing plans for going public and remains dedicated to this vision. The company does not plan to seek additional funding from the private equity market during this process. Allaire stated, “We are very determined about going public and believe we can be an interesting company in the public market.”
Circle Applies to SEC for IPO
Circle faces various challenges in its IPO journey. Earlier this year, the company submitted a confidential IPO application to the U.S. Securities and Exchange Commission (SEC) but has refrained from commenting on its interactions with the SEC and other regulatory bodies during the past nine and a half months.
During this period, the U.S. government imposed strict sanctions on companies operating within the cryptocurrency sector. However, Allaire expressed optimism regarding the IPO journey.
Regulatory Framework and Job Growth
In preparation for the IPO, Circle is expanding its workforce. The company is making these hires based on positive expectations related to the anticipated regulatory framework in the cryptocurrency industry.
A stablecoin law currently in preparation in Washington is expected to provide clear regulations for the sector. Allaire expressed strong optimism that the stablecoin legislation could be approved following the U.S. elections in November. He added, “Traditional financial players like banks, asset management firms, and payment companies will not hesitate to enter the cryptocurrency ecosystem once we have a regulated infrastructure.”
The continued progress of Circle’s IPO plans, despite regulatory uncertainties in the U.S., is viewed as a significant indicator that more institutions may enter the cryptocurrency market once a legal framework is established.
