Circle Files Confidential IPO for USDC Stablecoin

Circle Internet Financial, the company behind stablecoin USDC, has confidentially filed for a U.S. initial public offering, aiming to become a publicly-traded company. The IPO is expected to take place after the Securities and Exchange Commission completes its review process. USDC is the second-biggest stablecoin and the seventh-biggest cryptocurrency overall, with around $25 billion worth of tokens in circulation. Circle's move to go public comes after a period of rapid growth followed by a slump in the crypto industry, with various high-profile firms collapsing and investor caution increasing.