Circle Internet Financial recruits banks for IPO

Circle Internet Financial, the issuer of the crypto stablecoin USDC, is moving forward with its long-awaited plan to go public, according to Fortune magazine. People familiar with the matter revealed that the fintech company is working with JPMorgan Chase and Citibank to prepare for its highly anticipated initial public offering (IPO).

The exact timeline for the listing is unclear, but sources said Circle plans to publicly submit the documents required for the IPO in late April. Typically, a company's shares will begin trading about four weeks after these documents are submitted. However, some companies may stay in the registration stage for months.

This is Circle's second attempt to go public. In 2021, Circle agreed to merge with a shell company backed by an investment company using a SPAC (special purpose acquisition company). SPACs were once a popular alternative path to IPOs, but have now lost favor due to increased regulatory scrutiny.