According to WuSay, stablecoin issuer Circle plans to move its legal base from the Republic of Ireland to the United States. A spokesperson for the company has confirmed the news and has recently filed court documents to re-establish its registered place, but declined to disclose the reason.
Under this shift, Circle could face more onerous U.S. taxes. Circle, whose business is built around USDC, is currently worth about $33 billion. Circle is backed by many Wall Street heavyweights, including Goldman Sachs Group Inc., BlackRock Inc. and Fidelity Management and Research Co.
In addition, Circle confidentially submitted its IPO plans to the SEC in January of this year.
