Circle CEO Jeremy Allaire Says Firm Still Eyeing IPO Despite Delays: Report

Stablecoin issuer Circle is reportedly determined to become a publicly listed company despite a drawn-out initial public offering (IPO) approval process.

In January of this year, Circle announced it had submitted a draft registration statement to the Securities and Exchange Commission (SEC) related to a proposed initial public offering (IPO).

Although nine months have passed since the initial filing, Circle CEO Jeremy Allaire says the company is “very committed to the path” of a stock market launch, reports Bloomberg.

Allaire says the  USDC issuer remains undeterred despite the hostile approach of US regulators toward the digital asset industry. 

“We think we can be a really interesting company in public markets… We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding.”

Circle’s proposed merger with special purpose acquisition company (SPAC) Concord Acquisition was terminated in 2022. The merger would have paved the way for Circle to become a publicly listed firm. 

But even after the setback, Allaire believes that lawmakers may pass a key stablecoin bill as soon as after the November elections. According to the Circle executive, regulatory clarity for stablecoins would open the doors for traditional financial firms to enter the crypto market.

“They’re only going to work with regulated infrastructure. We’ve already positioned ourselves toward that end.” 

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