Circle (USDC) Still Committed to Going Public Despite the Long and Winding Road

Despite the long road toward its IPO, USDC stablecoin issuer Circle Internet Financial is not giving up on its dream.

Stablecoin issuer Circle Internet Financial is still planning to go public despite the lengthy process and silence in recent times, CEO Jeremy Allaire has revealed.

Speaking to Bloomberg in an interview, the CEO said the firm has been able to build a strong business pending the listing.

“We have a strong business pending the listing. We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding,” he said.

Allaire added that Circle is awaiting approval from the US Securities and Exchange Commission (SEC) for its IPO filing.

“We filed our draft registration statement in January, and we’re continuing to work through the SEC review process for the IPO filing. We filed confidentially about a year ago, and then we amended to disclose the SEC review in our S-1 filing,” he said.

The stablecoin issuer first attempted to go public through a partnership with Concord Acquisition Corp. The deal, which would have seen Circle merge with a SPAC, fell through at the time.

However, the firm filed a draft statement with the SEC in January to pursue the IPO. The process, which usually takes months, is still ongoing with the SEC yet to approve the filing.

Going public is considered one of the biggest moves a firm can make in pursuit of bigger funding.

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