🌎 Circle to Announce New York HQ, Aims for IPO and US Operations

Stablecoin operator Circle is moving closer to going public with plans to redomicile its business on U.S. soil. The crypto payment giant and USDC issuer Circle is reportedly set to announce its new global headquarters in New York on September 13. This move comes as the firm progresses toward an initial public offering (IPO). After relocating from Ireland and maintaining operations in Boston, Circle’s new home will be the iconic One World Trade Center.

Other companies involved in the cryptocurrency space, such as Reddit, also have offices in the city’s tallest building. New York City Mayor and crypto supporter Eric Adams is expected to attend the opening ceremony. Adams has publicly backed cryptocurrencies and even accepted his first three salaries as NY’s mayor in Bitcoin.

Moving to New York City could solidify Circle’s IPO plans and streamline the roadmap for going public. The firm’s previous attempt via a SPAC agreement with Concord Acquisition failed in 2022. At the time, Circle CEO Jeremy Allaire mentioned that a delayed response from the Securities and Exchange Commission was a significant factor behind the mutual termination.

Two years later, USDC’s manager is setting its sights on U.S.-based operations. The digital currency operator has already secured the first stablecoin license in Europe under the bloc’s Markets in Crypto-Assets Regulation (MiCA). A successful IPO and U.S. stock exchange listing would make Circle the first stablecoin company to go public. USDC ranks second in the dollar-pegged stablecoin market, with a $34 billion market cap. Only Tether holds a larger market share, with a $118 billion valuation and circulating supply.