Despite the long road toward its IPO, USDC stablecoin issuer Circle Internet Financial is not giving up on its dream. For more than 2 years since it started pursuing going public, CEO Jeremy Allaire said the firm has build a strong business pending the listing. Despite silence in the process in recent times, Allaire told Bloomberg the firm is still committed to going public.
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Circle IPO: Potential Timeline?
The first attempt the company made to go public hinges on the partnership with Concord Acquisition Corp. As a Special Purpose Acquisition Company (SPAC) Concord could have taken the firm public in 2022. However, the deal failed at the time, taking Circle back to the drawing board.
In January, the firm filed a draft statement to pursue the IPO. More than 9 months later, the firm is still awaiting the US SEC’s approval. Going public is considered one of the biggest moves a firm can make in pursuit of bigger funding.
Per the interview, Jeremy Allaire said Circle does not need to raise funds from the private market at this time.
“We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding,” He said.
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Notably, the Circle CEO failed to share more insight on the timeline of the IPO. While it is taking longer than usual, many believe the public listing milestone might
