As an analyst with over two decades of experience in the financial sector, I find Circle’s decision to establish its global headquarters in New York City and pursue an Initial Public Offering (IPO) as a strategic move. Having worked extensively with both European and American markets, I can attest that the United States offers a more favorable regulatory environment for fintech companies, particularly those dealing with digital assets.
Circle, the company responsible for stablecoins, moved a step closer to an initial public offering (IPO) by planning to relocate its operations to American territory.
According to reports, cryptocurrency payment leader and USDC issuer Circle is set to officially declare its brand-new global headquarters located in New York City on September 13th. This decision comes after the company’s relocation from Ireland, where it also maintains operations in Boston. The iconic One World Trade Center will serve as their new base of operations as they move forward with preparations for an initial public offering (IPO).
As a crypto analyst, I’m observing that prominent companies within the crypto sphere, such as Reddit, have offices in the city’s most towering structure. Anticipation is building for New York City Mayor Eric Adams, a known crypto enthusiast, to grace the opening ceremony of this establishment. In a public show of support for digital currencies, Mayor Adams has elected to receive his initial three salaries as the mayor of NYC in Bitcoin (BTC).
A request for comment sent to Circle by crypto.news was unanswered at the time of publication.
Circle’s IPO closer than ever
Relocating to New York City might help finalize Circle’s Initial Public Offering (IPO) preparations, making the journey towards becoming a publicly-traded company smoother. However, their earlier attempt through a SPAC agreement with Concord Acquisition didn’t succeed in 2022.
Initially, Jeremy Allaire, CEO of Circle, attributed part of the reason for the mutual termination to a delay in the SEC’s response.
In the next two years, the manager of USDC is considering establishing domestic operations within the United States. This digital money operator has already obtained the initial stablecoin license in Europe, which falls under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
A successful Initial Public Offering (IPO) and listing on the U.S. stock exchange would make Circle the first stablecoin company to become public, marking a significant milestone in its growth. USDC currently holds the second-largest market capitalization among dollar-backed stablecoins, standing at around $34 billion. However, Tether (USDT) leads the market with an impressive valuation of $118 billion and a larger circulating supply.
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2024-09-12 20:48