USDC issuer Circle wants to become a US-listed company.
The stablecoin company said in a new announcement that it has submitted a draft registration statement to the Securities and Exchange Commission (SEC) regarding a proposed initial public offering (IPO) of its shares.
Circle notes that it has not specified the number of shares it plans to offer or the price range of those shares. The company says the IPO is expected to take place once the SEC completes its review process.
USDC, the second largest stablecoin by market capitalization, is targeting a 1:1 peg to the US dollar. The digital asset completed a new upgrade on Thursday aimed at reducing gas costs, improving support for account abstraction, and increasing transaction security on Ethereum Virtual Machine (EVM) blockchains.
Circle and Coinbase co-created USDC in 2018 and jointly managed the asset through Center Consortium until last year.
In August, Circle CEO Jeremy Allaire announced that his company would bring all USDC operational and governance responsibilities in-house to streamline management of the stablecoin.
Coinbase announced at the time that it would acquire a stake in Circle. The leading crypto exchange in the United States became a public company in April 2021.