Circle is moving forward with its plans to go public, with CEO Jeremy Allaire not stressing its strong financial position and need for additional capital. Although other industry players have expressed doubts, Allaire remains optimistic that stablecoin legislation will be passed this year.
According to CEO Jeremy Allaire, Circle is moving ahead with plans to list the USDC stablecoin as the pace of growth accelerates.
Despite a tough regulatory environment and past setbacks, Circle has no immediate need for outside capital and is taking the traditional IPO route.
“We are fully committed to going public,” Allaire said in an interview with Bloomberg.
He added that Circle is in good financial shape and is not seeking additional funding as it awaits approval of its IPO application with the SEC in January.
Allaire believes in the utility of USDC, which is used by crypto traders to make cross-border payments and move assets between exchanges.
Traders also use stablecoins as a way to protect their assets from volatility without exiting the market completely.
USDC has the second-highest market share among stablecoins, with a total market value of nearly $35 billion. However, it is still a long way from Tether’s USDT, the market leader with a market value of over $120 billion.
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Allaire expressed optimism that a stablecoin bill could be passed in the US this year, seeing it as an important step to encourage the adoption of digital assets in traditional finance. There is.
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“The new guardrails will provide banks and payment companies with more secure and transparent access,” he said.
But some lawmakers aren’t so confident.
U.S. Representative Maxine Waters last month urged the committee to reach a bipartisan agreement on stablecoin regulation, but acknowledged time is running out.
Waters said political divisions make it difficult to finalize a compromise.
Kyle Baird is DL News’ weekend editor. Any tips? Email kbaird@dlnews.com.