In a press release, the business stated that it has submitted the draft registration statement for an IPO in the US. 

The IPO is "expected to take place after the Securities and Exchange Commission completes its review process, subject to market and other conditions," according to a news release from Circle.

The press release went on, "The quantity of shares to be offered and the price range for the proposed offering have not yet been determined." The news was initially reported by Reuters.

Bloomberg first revealed in November of last year that the USDC stablecoin's parent business was considering an IPO. At the time, the media outlet cited anonymous sources.

Circle's has previously pursued and indicated interest in listing its business on US stock exchanges. Previously, the company attempted to go public through a special purpose acquisitions company, a different path to public listing that saw brief popularity in 2020 and 2021.

However, with FTX's collapse in November 2022, the corporation gave up on its objectives.

CEO Jeremy Allaire stated at the time, "We are disappointed the proposed transaction timed out, but becoming a public company remains part of Circle's core strategy to enhance trust and transparency, which has never been more important." 

The business declared in August that Coinbase will acquire a portion of Circle. 

Coinbase also pledged to support the "long term success of UDC," with Circle in charge of stablecoin supply and governance. 

With a supply of $25.2 billion as opposed to Tether's $94.6 billion, USDC is the second-largest stablecoin.

Updated at 8:42 a.m. ET on January 11, 2024: Additional background.