Crypto Company Moving to New York for IPO

Todaysgist, News – Circle Internet Financial, the company behind the USDC stablecoin, will move its global corporate headquarters from Boston to New York City, after filing confidentially for a US initial public offering earlier this year.

Reported from Yahoo FinanceMonday (16/9/2024), Circle plans to open its new headquarters at One World Trade Center in early 2025, the company said in an official statement.

Circle’s move to New York City is another sign that the cryptocurrency industry is looking to get more involved with traditional finance. Firms like Goldman Sachs and BlackRock are also headquartered in the Big Apple.

Circle filed for an IPO in January, which is expected to occur after the Securities and Exchange Commission completes its review process, depending on market and other conditions.

Cryptocurrencies like bitcoin have become more popular as token prices have soared to new highs and as exchange-traded funds that track their prices have entered the U.S. market this year.

That growth has also translated into stablecoins, a type of cryptocurrency pegged to a real-world asset, often the U.S. dollar. Circle’s USDC is the world’s second-largest stablecoin and is backed by cash and cash equivalents, including short-term Treasury bonds.

There are around USD 35 billion or equivalent to IDR 539 trillion (assuming an exchange rate of IDR 15,400 per US dollar) of USDC tokens in circulation, down from a peak of over USD 56 billion or equivalent to IDR 862.4 trillion in mid-2022, according to data from crypto market tracker CoinGecko.

Circle has been trying to become a publicly traded company for several years, canceling a deal to go public via a blank check company in 2022. That deal valued the company at $9 billion.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Todaysgist is not responsible for the profits and losses arising from investment decisions.