Stablecoin Circle’s IPO Makes Sense | TechCrunch

If at the beginning you don’t succeed, wait and try again.

This seems to be the mantra of Circle, better known as the issuer of the “USDC” stablecoin. After cancel its SPAC combination late 2022, the famous crypto company is now apparently planning go public in 2024Bloomberg reported, citing unnamed sources.

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It may seem incongruous to see Circle considering going public at a time when the entire crypto industry is going through a downturn. But given how the company makes its living and the growing importance of stablecoins in the decentralized economy, the IPO isn’t a huge surprise. In fact, Circle is likely riding a wave that other fintech companies are also benefiting from: rising interest rates.

Lots of noise for the stables

Stablecoins are a simple idea: a crypto token is linked to an existing fiat currency, backed 1:1 by assets that facilitate its redemption.

It’s certainly a bit ironic that one of the most important products in crypto is indeed the tokenization of the US dollar, but we don’t have to worry much about optics in this area. Instead, we care about Circle’s business and why an IPO next year would be up for grabs, regardless of the current crypto climate.