Circle Internet Financial Ltd., issuer of the USDC stablecoin, is considering going public early in 2024, according to people with knowledge of the matter.
The Boston-based company is talking to advisers as it prepares for a potential initial public offering, said the people, who asked not to be identified discussing confidential information. Deliberations are ongoing and there’s no certainty that Circle will decide to proceed with a listing, the people said. While it’s not clear how much Circle would seek to be valued in an IPO, it was valued at $9 billion when it tried to go public in a blank-check deal in 2022.
“Becoming a US-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors,” a representative for Circle said in a statement.
Last year, Circle ended a deal to go public via a merger with Concord Acquisition Corp., a blank-check firm led by ex-Barclays Plc chief executive officer Bob Diamond.
Circle has raised money from investors including Goldman Sachs Group Inc., General Catalyst Partners, BlackRock Inc., Fidelity Management and Research LLC and Marshall Wace LLP. It was worth $7.7 billion in a 2022 funding round, Axios reported at the time.
Circle issues of one of the world’s largest stablecoins, which are crypto tokens pegged to an asset — like the dollar — that are mostly used by traders to move digital assets between exchanges. Earlier this year, Circle revealed it had $3.3 billion of exposure to the collapsed Silicon Valley Bank, triggering a brief “depeg” of USD Coin. It plans to share financial reports on an ongoing basis and has hired Deloitte as an auditor, Bloomberg News reported in August.