A month after announcing its PSAN (digital asset service provider) registration, Circle officially filed its IPO application with the SEC (Commissioner of the American Stock Exchange). This news is unsurprising given that the American firm had already prepared the ground for 2022, before changing its mind.
The issuer of the dollar-backed stablecoin USDC, the second largest in the world after USDT with a capitalization of $25.2 billion, the American company is doing everything to distinguish itself from its competitor Tether, by working with American regulators on the transparency and solidity of its financial reserves. Among its investors, we include the broker Coinbase, also listed on the stock market since 2021, and the investment bank Goldman Sachs.
Soon in a strong position to dethrone Tether?
The firm also issues a stablecoin backed by the euro, the EURC, which is however more confidential as illustrated by its capitalization of $57 million. On the other hand, it is among the most serious candidates for the status of EMI (electronic money issuer), which will become mandatory under the European cryptoasset regulation MiCA to issue stablecoins (or e-money tokens, in the text), and this, from June 30.
With the recent marketing of spot Bitcoin ETFs, this news constitutes another step towards the legitimization of the crypto sector in the United States and could above all allow Circle to take a dominant position in the stablecoin market