Circle Internet Financial, the issuer of the USDC stablecoin, reportedly filed for an initial public offering (IPO) in the United States, signaling its intent to become a publicly traded company. 

The Boston-based firm submitted a draft registration statement to the Securities and Exchange Commission (SEC), though details such as the number of shares and price range have not been disclosed, according to Reuters

Circle previously attempted to go public through a US$ 9 billion special-purpose acquisition company (SPAC) deal, a plan that was abandoned in December 2022.

Circle’s decision to pursue an IPO comes after a tumultuous period for the cryptocurrency industry, which saw a downturn in token prices and the collapse of several high-profile crypto firms, including the FTX exchange. Despite these challenges, Circle has maintained a strong presence in the crypto space, with USDC being the second-largest stablecoin by market capitalization and the seventh-largest cryptocurrency overall. 

A Circle IPO could signal a potential resurgence in crypto-related businesses in the U.S., riding the positive momentum spurred by spot Bitcoin exchange-traded funds that started trading today.