Circle is pushing ahead with plans to go public as its USDC stablecoin’s growth picks up pace, according to CEO Jeremy Allaire.
Despite a challenging regulatory environment and previous setbacks, Circle is taking the traditional IPO route, with no immediate need for external capital.
“We are very committed to the path of going public,” Allaire said in a Bloomberg interview.
He added that Circle is financially strong and not seeking additional funding as it awaits approval for its January IPO filing with the SEC.
Allaire is confident in the utility value of its USDC, which is being used in cross-border payments and by crypto traders moving assets between exchanges.
Traders also use stablecoins as a way to protect their assets from volatility without completely exiting the market.
USDC has captured the second-highest market share among stablecoins with a total market value of nearly $35 billion. However, it is still some ways off the market leader, Tether’s USDT, which has a market value of over $120 billion.
Stablecoin legislation
Allaire expressed optimism that stablecoin legislation could pass in the US this year, seeing it as a critical step to encouraging traditional finance to embrace digital assets.
“New guardrails will allow safer, more transparent access for banks and payment companies,” he said.
However, some lawmakers aren’t so confident.
US Rep. Maxine Waters urged her committee to strike a bipartisan deal on stablecoin regulation last month but acknowledged time is running out.
According to Waters, political divisions are complicating the finalisation of any compromise.
