Circle Set to Go Public with USDC Stablecoin IPO
Circle, the issuer of the USDC stablecoin, is set to go public with an IPO. The company aims for a valuation of up to $6.71 billion, despite facing challenges like temporary de-pegging during the Silicon Valley Bank crisis.
Circle's IPO will see the sale of approximately 24 million shares, with 9.6 million from Circle itself and 14.4 million from existing shareholders. J.P. Morgan and Citigroup are leading the offering. If priced at the high end of the $24 to $26 range, the IPO could raise $624 million.
Founded in 2013, Circle's USDC stablecoin has over $61 billion issued. However, it lags behind Tether's USDT in market cap, with USDT at $153 billion. Circle pays Coinbase 54% of its total revenue for USDC distribution. Despite these figures, some experts like Shane Molidor question Circle's valuation, citing its low margins and uncertain growth.
Circle's IPO is expected to raise significant funds, indicating strong institutional interest. Despite challenges and differing opinions on valuation, Circle's public offering marks a significant step for the USDC stablecoin issuer.
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