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Home»BLOCKCHAIN NEWS»Circle’s CEO says the company remains firm on its IPO plans and does not need additional funding.
BLOCKCHAIN NEWS

Circle’s CEO says the company remains firm on its IPO plans and does not need additional funding.

By Crypto FlexsOctober 27, 20243 Mins Read
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Circle’s CEO says the company remains firm on its IPO plans and does not need additional funding.
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Key Takeaways

  • Circle’s IPO continues as planned without additional financing.
  • Circle’s rival stablecoin issuer, Tether, is facing charges of facilitating illegal activity.

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Circle CEO Jeremy Allaire said in a recent interview with Bloomberg that Circle is financially strong and on track to pursue a public listing without raising additional capital.

“We are in a strong position financially, we have been able to build a very solid business, and we are not currently seeking any financing,” Allaire said in a recent interview with Bloomberg.

The company, which holds the second-largest stablecoin USDC, filed its second initial public offering bid with the SEC earlier this year through an IPO. Initial attempts failed due to regulatory hurdles and cryptocurrency market turmoil following the FTX collapse.

Circle’s IPO is expected to take place after the SEC’s review is complete. But the ultimate success of Circle’s ambitious bid will depend on the SEC’s classification of its flagship USDC.

According to a June report by Barron’s, the SEC has raised concerns about whether USDC should be classified as a security, which could impact Circle’s operations and ability to go public. If USDC is considered a security, Circle could face increased regulatory requirements and costs, delaying its IPO plans.

Allaire said plans to list remain solid as Circle expands its workforce in anticipation of new U.S. regulations on stablecoins.

The United States is working to establish a regulatory framework for stablecoins. Some bills, such as the Lummis-Gillibrand Payment Stablecoin Act and the Clarity for Payment Stablecoins Act, have been proposed but have not yet passed into law.

Nonetheless, Allaire remains optimistic about potential legislative developments after the election. The United States is just 10 days away from one of its most important events, and whoever wins the White House is expected to bring clarity and boost development to the emerging cryptocurrency industry.

While Circle focuses on its IPO plans, Tether, which leads the world’s leading stablecoin USDT, is reportedly under investigation by US authorities for allegedly promoting illegal activities.

Tether CEO Paolo Ardoino denied these claims. The company itself reaffirmed its active cooperation with law enforcement agencies to combat illegal activities related to stablecoins.

Circle’s EURC is the largest euro-denominated stablecoin.

Circle’s euro-backed stablecoin EURC has reached its highest ever supply of 91.8 million tokens, according to data from CoinGecko. EURC’s market capitalization is approaching $100 million, with growth fueled by strong activity on Ethereum’s layer 2 infrastructure.

Since achieving MiCA compliance, EURC has seen significant growth, with an increase of more than 2.5 times, according to Patrick Hansen, Senior Director of Strategy and Policy at Circle EU. He said this growth has made EURC the “largest Euro stablecoin by market capitalization.”

New EURC all-time high 💶 ✅

EURC is the largest euro-denominated stablecoin by market capitalization and its dominance is growing. For the first time, circulation exceeded 90 million euros.

Based on amazing growth @base – Now the chain with the largest amount of… pic.twitter.com/iY3J2RStY0

— Patrick Hansen (@paddi_hansen) October 24, 2024

Meanwhile, Tether’s euro-backed stablecoin, EURT, is lagging behind EURC due to the company’s ongoing difficulties in the EU. The current market capitalization of CoinGecko is approximately $27.5 million.

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