In Anticipation of IPO, Stablecoin Issuer Circle Plans Shift to U.S. From Ireland

By: Eliza Bennet

Circle, the leading stablecoin issuer, is reportedly planning to move its legal domicile from Ireland to the United States, raising eyebrows among industry insiders. Despite potentially confronting a tougher regulatory landscape and a higher tax burden in the United States, the firm has flagged off the relocation process by filing necessary documents with the High Court of Ireland.

Analysts speculate this sudden move is in preparation for Circle's much-rumored Initial Public Offering (IPO). Earlier this year, Circle initiated the IPO procedures under confidential status with a goal to become a publicly traded entity. Details on share volume and pricing are yet to be disclosed, with factors such as market trends and regulatory review by the US Security and Exchange Commission affecting the launch decision.

Interestingly, this relocation announcement arrives at a time when Circle's USDC stablecoin is witnessing robust growth. Data shows that in the past month, the stablecoin's market capitalization has risen by 3.15% to $32.5 billion. Trading activities surrounding USDC also report a high volume of over $130 billion. Despite this, Tether's USDT continues to dominate the stablecoin market.