Stablecoin agency Circle is teaming up with prime American banks because it prepares for a reported April preliminary public providing (IPO) launch.
In keeping 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 aware of the scenario” Fortune studies that Circle is planning to file the paperwork for the IPO in late April.
Circle filed for the standard IPO with the U.S. Securities and Alternate 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 keeping with the report, the upcoming IPO has the potential to be the most important 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 mentioned that US dollar-pegged stablecoins may grow to be a “mass export product” of the US.
“At the beginning, we now have to give attention to the power and competitiveness of the greenback first. We now have a scenario on this planet the place whereas the greenback is the reserve forex, there are tons and many locations on this planet that don’t need the greenback to be that forex.
So first we want full reserve digital {dollars}, like stablecoins to grow to be a mass export product of america and if there’s going to be a significant forex of the web, be certain it’s a digital greenback…”
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