Privately held shares of stablecoin company Circle Internet Financial's USDC issuer are trading on the secondary market ahead of its planned initial public offering (IPO) at prices indicating a valuation between $5 billion and $5.25 billion, sources said.

Circle allows trading of a limited number of shares on the secondary market. According to two sources, this trading is only possible on a case-by-case basis and in certain situations. Early-stage investors seeking liquidity and Circle employees are the primary sellers, one source said. It was confirmed by two sources that the company does not allow transactions below a valuation of $ 5 billion.

Coinbase-backed Circle was previously acquired by Concord Acquisition Corp. in 2022. It planned to go public by making an agreement with a special purpose acquisition company (SPAC) called and reached a valuation of approximately $9 billion in this process. However, the proposed merger was mutually terminated in December 2022 after the US Securities and Exchange Commission (SEC) was unable to give timely approval due to the collapse of Sam Bankman-Fried's FTX and the subsequent crypto winter.

Investors shouldn't worry too much about the difference between the 2022 valuation and the current secondary market valuation, one source said. The secondary market is currently under pressure and many investors are willing to sell at any price as they have to raise cash.

In a report titled “The State of the USDC Economy” published in January, Circle reported a 59% increase in the number of USDC wallets compared to the previous year, reaching approximately 2.7 million in total. As of the end of November, the number of transactions in 2023 reached 595 million.

Circle filed to go public by filing a confidential draft S-1 with the SEC in January of this year. The number of shares to be offered and the planned IPO price range have not yet been determined, and the exact timing of the IPO is unknown.

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