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Stablecoin Issuer Circle Files To Move Headquarters to USA Ahead of Planned IPO: Report

May 15, 2024

Stablecoin issuer Circle is reportedly looking to move its domicile to the US ahead of its planned upcoming initial public offering (IPO).

According to a new report by Bloomberg, Circle, which issues the dollar-pegged crypto asset USDC, is planning on moving to the US from Ireland.

An anonymous company spokesperson told Bloomberg that the court paperwork was filed earlier this week but a reason for the move was never given.

In January, it was announced that Circle submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC), informing the regulator of its intention to become a publicly traded company.

Though a date wasn’t given at the time, Circle said it expects the IPO to launch after the SEC goes through its review process. The firm also said it had yet to determine how many shares it would be offering or how much they would cost.

Also in January, Circle announced an upgrade to both USDC and EURC, the firm’s Euro-backed stablecoin.

“We’re excited to unveil a new v2.2 upgrade to USDC and EURC that significantly reduces gas costs, improves support for account abstraction, and further bolsters security for transactions on EVM blockchains. The upgrade adds to the momentum of USDC innovation after its recent expansion to six new blockchain networks.”

Blockchains that USDC has expanded to recently include mobile-focused Ethereum Virtual Machine (EVM)- compatible Celo (CELO) and layer-2 scaling solution zkSync.

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