Circle, issuer of second-biggest stablecoin USDC, is moving its headquarters to New York City, CEO Jeremy Allaire wrote in a post on X.
The Boston-based company will be “building out a flagship space on one of the top floors of 1 World Trade Center, an historically important landmark in standing for American global economic leadership,” Allaire wrote.
Circle, which has a market cap of almost $36 billion, applied for an IPO in January. In July, it was granted a key licence to issue stablecoins under the EU’s new crypto assets regulation, DL News reported.
“As this technology explodes into the mainstream, and as Circle becomes a more and more important company and infrastructure for this new internet financial system, it became clear that we needed to plant our flag, both literally and figuratively, in the heart of Wall Street,” Allaire wrote.
He said that 2024 has been a turning point year when stablecoins started to break out in scale, importance and usage, and 2025 will be the year when they go mainstream.
Circle plans to open its New York headquarters in early 2025, among the giants of traditional finance.
The company expects its IPO to take place after the US Securities and Exchange Commission completes its review process, subject to market and other conditions.
Crypto market movers
Bitcoin is up 0.21% today at $60,152.91.
Ethereum is down 0.03% today at $2,420.00.
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