Circle Internet Financial Ltd., the company behind the stablecoin USDC, plans to relocate its legal headquarters from Ireland to the United States. This move shows the company’s compliance with U.S. financial regulations as Circle prepares for an expected initial public offering (IPO).
Circle filed for the IPO in January, and it is currently under review by the Securities and Exchange Commission (SEC) and prevailing market conditions.
The decision to transfer Circle’s legal base to the U.S. comes amid a challenging regulatory landscape for cryptocurrencies and stablecoins in the country.
Circle once aimed to go public through a $9 billion special-purpose acquisition company (SPAC) deal, but the plan was abandoned in December 2022.
With a market cap of $33 billion, USDC is the second-largest stablecoin after Tether’s USDT and ranks as the sixth-largest cryptocurrency globally, according to CoinGecko data.