If at first you don’t succeed, wait and try again.
That seems to be the mantra at Circle, best known as the issuer of the “USDC” stablecoin. After calling off its SPAC combination in late 2022, the well-known crypto company is now seemingly considering going public in 2024, Bloomberg reported, citing anonymous sources.
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It may seem incongruous to see Circle considering going public at a time when the wider crypto industry is slogging through a downturn. But given how the company earns its keep, and the rising importance of stablecoins in the decentralized economy, the IPO does not come as a massive surprise. In fact, Circle is likely riding a wave that other fintech companies are also benefiting from: rising interest rates.
Much ado about stables
Stablecoins are a simple idea: A crypto token is pegged to an existing fiat currency, backed 1:1 with assets that make it easy to redeem.
It’s certainly a bit ironic that one of crypto’s biggest products is effectively tokenizing U.S. dollars, but we don’t have to care much about the optics there. Instead, we care about Circle’s business, and why an IPO next year would be par for the course, no matter the crypto climate right now.