From Time Magazine:

1. Circle, the company behind the second most popular stablecoin in the world, filed confidential IPO paperwork to sell shares on the public market.

2. The number of shares to be offered and the price range have not been determined. The SEC needs to review and approve the company’s filing before the IPO takes place.

3. The company scrapped plans to list shares via a special purpose acquisition company last year in a deal that would have valued Circle at $9 billion.

4. USDC, Circle’s U.S. dollar-pegged stablecoin, has a market cap of about $25 billion and is the seventh biggest cryptocurrency worldwide, according to CoinGecko.

5. Last year, Circle was dealt a major setback after it disclosed that $3.3 billion of its reserves were deposited with Silicon Valley Bank.

6. The announcement of Circle’s IPO comes after the SEC approved 11 applications to create a spot Bitcoin ETFs. The ETFs started trading on Thursday and have already crossed $1.2 billion in trading volume.

7. Analysts predict that the flurry of new Bitcoin financial products will create tens or hundreds of billions of dollars of inflows over the coming year.



Read more: Circle confidentially files for IPO a year after SPAC plan fell through