Circle, the company behind the stablecoin USD Coin, or USDC for short, has announced that they no longer want to go public.
May be listed on the stock exchange for the long term
Circle CEO Jeremy Allaire said in a statement that he and his team remain committed to building “a long-term publicly traded company.” Previously, however, there were plans to become a publicly traded company in the short term, this is no longer the case.
USDC is the second largest stablecoin. They initially planned to go public via a ‘special purpose acquisition company’. This is something that many companies choose, also known as ‘blank check companies’. The main reason for this is the lower fees that have to be paid. There are also some other smaller benefits attached to it.
No approval received
However, Circle has also not received approval to complete such a deal from the US SEC. As a result, the termination of the plan is not entirely unexpected. The company remains one of the largest privately held crypto companies. However, this approval will be given in the longer term, so that they want to take this step in the long term, it could well be that they do receive the approval.
Finally, Allaire has expressed his hope that the cryptocurrency industry will exit the speculative value phase and enter a new usage phase. However, when this will happen is not yet known exactly.
