Circle Prices USDC IPO at $28 as BlackRock Backs Stablecoin
Circle, the company behind the second-largest US dollar-pegged stablecoin USDC, has priced its Initial Public Offering (IPO) at $28 per share. The IPO is set for June 5, 2023, with a valuation target of $7.2 billion. Jeremy Allaire, Circle's co-founder, chairman, and CEO, is the key figure behind this move.
Circle's IPO comes at a time when the US administration is more open towards crypto regulation. Despite Tether's USDT leading in market cap, USDC remains widely used for trading, DeFi, and cross-border payments. BlackRock, the world's largest asset manager, plans to acquire 10% of Circle's shares when trading begins. Crypto analysts have described Circle's IPO pricing as 'cheap' for long-term investment. The IPO could potentially shift sentiment towards USDC if institutions continue backing it through public equity.
Circle initially filed for its IPO on April 1, aiming to complete it by the end of the month. However, the actual IPO is now expected to take place on Thursday, June 5.
With Circle's IPO priced at $28 per share and a valuation target of $7.2 billion, the stablecoin market is set for a significant development. USDC's widespread use and BlackRock's involvement could further boost confidence in the stablecoin, potentially challenging Tether's USDT dominance.
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