5.8 C
Monday, February 26, 2024
HomeOpinionsCircle eyes IPO as USDC market dominance dips to two-year low

Circle eyes IPO as USDC market dominance dips to two-year low


Related stories

Can BRICS Launch a New Currency & Jeopardize the US Dollar?

The BRICS alliance is aiming to launch a new...

BRICS to Launch a Single Currency Similar to Euro?

The BRICS alliance is looking to work on an...

Cryptocurrency: 3 Coins That Could Surge in March

March is shaping up to be a pivotal month...

BRICS: 30 New Countries Prepare To Join Alliance in 2024

A handful of developing countries are preparing to join...

US Dollar Weakened: Gold Price Passes $2040

The US dollar has continued to weaken over the...

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! đź‘‹ You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
The global crypto market cap is $1.35 trillion with a 24-hour volume of $43.52 billion. The price of Bitcoin is $35,844.91 and BTC market dominance is 51.8%. The price of Ethereum is $1,896.37 and ETH market dominance is 16.9%. The best performing cryptoasset sector is Oracle, which gained 13%.
USDC’s market dominance has recently reached its lowest level since 2021.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Circle, the issuer of the USD Coin (USDC) stablecoin, is reportedly exploring the possibility of going public with an initial public offering (IPO) slated for next year, Bloomberg reported on Nov. 7.
Insiders familiar with the matter revealed that the stablecoin issuer had initiated discussions with advisors to facilitate the IPO process. While the exact valuation Circle aims for remains undisclosed, it’s worth noting that the company held a $9 billion valuation during its previous attempt to go public last year.
A Circle representative told Bloomberg that one of the company’s strategic aspirations was to become a public company in the U.S. However, the spokesperson failed to provide additional information, saying the company doesn’t comment on rumors.
Circle has yet to respond to CryptoSlate’s request for additional commentary as of press time.
In 2021, Circle had initially agreed to go public via a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp., but this arrangement ultimately fell through in December 2022.
Circle has previously garnered investments from prominent institutions such as Goldman Sachs, General Catalyst, BlackRock, Fidelity Management, and Marshall Wace.
Notably, Circle is not the only crypto company contemplating a public offering. Recently, CryptoSlate reported on Ripple’s potential interest in pursuing a similar path, sparked by one of its recent job postings.
USDC’s market dominance has reached its lowest level since 2021, when the stablecoin was still relatively new to the crypto industry, according to data from DeFillama.
As per the analytics platform’s data, USDC’s current dominance is 18.96%, marking its lowest point since May 2021.
The stablecoin, which once boasted a market capitalization of more than $50 billion, has experienced a steady decline to under $25 billion, according to a CryptoSlate report.
This rapid descent commenced when USDC faced challenges after its exposure to the U.S. banking crisis came to light in March.
At the time, Circle disclosed that it held some of its USDC reserves at Silicon Valley Bank, which subsequently failed. This revelation led to a brief depegging of USDC, with its value dropping as low as $0.87 before rebounding.
While the market situation has significantly improved since this spring’s slew of bank failures, USDC’s supply continues to fall.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
Exploring the phenomena of inversion and un-inversion of the yield curve.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Web3’s impact on traditional sectors will be highlighted at Newconomics 2023 in Lisbon on November 14-15.
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Jeremy Allaire is the founder, chairman, and CEO of Circle.
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2023 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy

Please add [email protected] to your email whitelist.
Stay connected via

Source : www.cryptoslate.com


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here