According to CEO and founder Jeremy Allaire, stablecoin company Circle is working on an initial public offering (IPO) and plans to move its headquarters to Wall Street in 2025.
Circle filed for the IPO in January and is awaiting approval from the U. S. Securities and Exchange Commission.
In another strategic move to cement USD Coin (USDC) as the regulated version of the U. S. digital dollar, Circle recently integrated its coins into the national banking systems of Brazil and Mexico. This integration will allow companies in both countries to access #USDC in real-time through local financial institutions.
Despite these developments, Circle is losing ground to Tether (USDT), which dominates the market with over 70% market share compared to USDC's 20%. In another move, Tether has hired Jesse Spiro, previously head of regulatory affairs for PayPal's blockchain and cryptocurrency business, as its new head of government relations. Mr. Spiro previously held the government relations position at Chainalysis.
This week Crypto Biz also covers Cathedra's departure from #bitcoin (BTC) #mining , MicroStrategy's third debt offering in 2024, and the regulated storage of BitGo native protocol tokens.
Cathedra Bitcoin is changing its strategy from mining to #BTC accumulation, following the approach of companies like MicroStrategy. The company believes that mining does not provide enough shareholder value and plans to increase the amount of BTC per share.
ine of the top 10 bitcoin miners by market capitalization have less BTC per share than they did three years ago, the company said in a statement about the new strategy. Cathedra will now partially support its mining business by generating cash flow through its data center business. Cathedra will now partially support its mining business by generating cash flow through its data center business and focus on buying more bitcoins.
Circle has integrated its USDC-linked stablecoin into the national payment systems of Brazil and Mexico, including the PIX and SPEI real-time payment services.
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