Stablecoin agency Circle is teaming up with high American banks because it prepares for a reported April preliminary public providing (IPO) launch.
In line with a brand new Fortune report, USDC-issuer Circle is working with JPMorgan Chase and Citi Financial institution to publicly checklist the agency’s shares subsequent month.
Citing “two sources acquainted with the state of affairs” Fortune studies that Circle is planning to file the paperwork for the IPO in late April.
Circle filed for the normal IPO with the U.S. Securities and Trade Fee (SEC) in January 2024. Circle has tried submitting for an IPO in earlier years, however the agency’s final try was deserted following the FTX collapse in 2022.
In line with the report, the upcoming IPO has the potential to be the largest crypto IPO since Coinbase went public in 2021. Citi Financial institution and JPMorgan additionally suggested Coinbase earlier than going public.
USDC stablecoins are formally issued by Circle and are redeemable 1:1 for US {dollars}. USDC is the second-largest stablecoin with a market cap of greater than $53 billion, second solely to USDT, which has a market cap of almost $140 billion. USDT is issued by the crypto agency Tether.
In December, Circle CEO Jeremy Allaire said that US dollar-pegged stablecoins might turn into a “mass export product” of the US.
“Firstly, we now have to deal with the energy and competitiveness of the greenback first. We’ve a state of affairs on the earth the place whereas the greenback is the reserve forex, there are heaps and many locations on the earth that don’t need the greenback to be that forex.
So first we’d like full reserve digital {dollars}, like stablecoins to turn into a mass export product of the US and if there’s going to be a serious forex of the web, ensure it’s a digital greenback…”
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