Two years ago, before the crypto meltdown of 2022, stablecoin issuer Circle announced that it was going to go public via SPAC at a $9 billion valuation.
But then, you know, 2022 happened (Celsius, 3AC, Luna, BlockFi, FTX, etc). So plans were quietly shelved in December of that horrible year for crypto.
2023 was a very different year. Bitcoin was up 150%, Coinbase stock soared 400%, and crypto enjoyed some legalvictories against the SEC.
This year crypto is also starting off with a bang. It is no coincidence that the day after the SEC approved a bitcoin ETF Circle filed confidentially for an IPO.
While Circle has nothing directly to do with a bitcoin ETF, as I said in the newsletter yesterday, it is a very positive sign for crypto in general. And Circle wants to take advantage of this moment.
Circle is best known as the issuer of the #2 stablecoin by market value, USDC (behind only Tether). It is building a global financial framework based on stablecoin infrastructure. An alternative to the traditional payments rails.
Assuming a successful IPO, Circle will have even more firepower to bring this “digital dollar” framework to the masses.
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Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.