issuer Circle wants to become a publicly traded company in the US.
The stablecoin company says in a new announcement that it submitted a draft registration statement to the Securities and Exchange Commission (SEC) related to a proposed initial public offering (IPO) of its equity securities.
Circle notes that it has not determined the number of shares it plans to offer or the price range for those shares. The company says the IPO is expected to happen after the SEC completes its review process.
USDC, the second-largest stablecoin by market cap, aims to maintain a 1:1 peg with the US dollar. The digital asset completed a new upgrade on Thursday that is designed to reduce gas costs, improve support for account abstraction, and bolster security for transactions on Ethereum Virtual Machine (EVM) blockchains.
Circle and COINBASE co-created USDC in 2018 and jointly managed the asset through the Centre Consortium until last year.
In August, Circle CEO Jeremy Allaire announced that his company would bring all of USDC’s governance and operations responsibilities in-house to streamline management of the stablecoin.
Coinbase said at the time that it would purchase an equity stake in Circle. The top US crypto exchange became a public company in April 2021.
