Stablecoin issuer Circle Internet Financial Ltd. plans to go public as early as early 2024, according to a Bloomberg report. Here's what is known about the IPO plans.

Circle is the second largest issuer of stablecoins after Tether. In particular, the US-dollar stablecoin USDC is the first choice for professional and institutional crypto investors. Plans for an IPO have now been announced, reports Bloomberg. Circle was already considering an IPO in 2022. Now the publisher of stablecoins seems to be making a new attempt. There are reportedly preliminary talks for an IPO. So far, however, there is no official statement on this.

Stock market listing had long been among Circle's ambitions

When contacted by Bloomberg, a Circle spokesperson simply said, "Listing as an American company on the stock exchange has long been part of Circle's strategic ambitions. We do not comment on rumors." The potential valuation for the IPO can only be speculated on. As part of the IPO efforts at the time, the stablecoin issuer was valued at US$9 trillion in February 2022. However, the market capitalization of USDC stablecoin has since fallen sharply, halving to about US$25 billion. In the face of rising key interest rates, the stablecoin business is extremely profitable. After all, stablecoins are backed by monetary assets such as U.S. government bonds. The high interest income flows into the pockets of issuers such as Tether or Circle.

Large investors also benefit

An IPO is also likely to be in the interest of Circle investors. Wall Street giants Goldman Sachs, BlackRock and Fidelity, among others, have invested in Circle. A Circle stock would be an especially exciting opportunity for retail investors to take advantage of the upturn in the stablecoin sector. Especially since there is currently no publicly traded stablecoin provider.

The following article explains why stablecoins could soon boost the U.S. dollar and fund the U.S. national budget thanks to three new outlets.

Also read: Circle launches euro-backed stablecoin on Avalanche