Stablecoin issuer Circle is reportedly committed to becoming a publicly traded company despite a lengthy IPO approval process.
In January of this year, Circle announced that it had filed a draft registration statement with the Securities and Exchange Commission (SEC) regarding a proposed initial public offering (IPO).
Although nine months have passed since the initial filing, Circle CEO Jeremy Allaire says the company is “very committed to the path” of an IPO, Bloomberg reports.
Allaire says the USDC issuer remains undeterred despite US regulators’ hostile approach towards the digital asset industry.
“We think we can be a very interesting company in the public market… We are in a financially strong position and have been able to build a very solid business, and we are not currently seeking financing.”
Circle’s proposed merger with Concord Acquisition (Special Purpose Acquisition Company (SPAC)) was terminated in 2022. The merger would have paved the way for Circle to become a publicly traded company.
But even after the setback, Allaire believes lawmakers could pass a major stablecoin bill as soon as the November elections. According to the Circle director, regulatory clarity for stablecoins would open the doors for traditional financial companies to enter the crypto market.
“They will only work with regulated infrastructure. We are already focused on that goal.”
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