- Stablecoin issuer Circle is reportedly planning to move its domicile to the US ahead of its planned initial public offering (IPO).
- The firm, which issues the dollar-pegged crypto asset USDC, is currently based in Ireland.
- Circle has also recently announced an upgrade to both USDC and EURC, its Euro-backed stablecoin.
Circle, the issuer of the dollar-pegged crypto asset USDC, is reportedly planning to move its domicile to the US from Ireland, ahead of its upcoming IPO. The firm has also announced significant upgrades to its stablecoins.
Circle Plans to Move to the US
According to a recent report by Bloomberg, Circle is planning to move its domicile from Ireland to the US. The news was confirmed by an anonymous company spokesperson, who stated that the court paperwork for the move was filed earlier this week. However, no specific reason for the move was given.
Circle’s Upcoming IPO
In January, Circle announced that it had submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC), signaling its intention to become a publicly traded company. The firm expects the IPO to launch after the SEC completes its review process. Details regarding the number of shares to be offered and their price have not yet been determined.
Upgrades to Circle’s Stablecoins
Alongside its planned move and IPO, Circle has also announced an upgrade to both USDC and EURC, its Euro-backed stablecoin. The v2.2 upgrade is expected to significantly reduce gas costs, improve support for account abstraction, and enhance transaction security on EVM blockchains. The upgrade adds to the momentum of USDC innovation after its recent expansion to six new blockchain networks, including mobile-focused Ethereum Virtual Machine (EVM)-compatible Celo (CELO) and layer-2 scaling solution zkSync.
Conclusion
Circle’s planned move to the US, its upcoming IPO, and the recent upgrades to its stablecoins signify significant developments for the firm. As the crypto market continues to evolve, these steps could potentially strengthen Circle’s position in the industry and expand its reach to a broader user base.
