Circle Internet Financial, the issuer of the USDC stablecoin, has appointed JPMorgan Chase and Citi to prepare for an initial public offering (IPO), reported Fortune.

Circle intends to make its IPO paperwork public by late April, although a definitive date has not been set.

All the three entities involved declined to comment on the matter.

Previously, Circle sought to list its shares through a special-purpose acquisition company (SPAC) merger in 2021, but it was not finalised due to the Securities and Exchange Commission's (SEC) non-approval.

The firm abandoned this strategy at the end of 2022.

Following this, Circle confidentially filed with the SEC for a traditional IPO in January 2024.

Circle was co-founded in 2013 by Jeremy Allaire and Sean Neville.

Neville later relinquished his co-CEO position in 2019, leaving Allaire as the sole CEO.

The company has introduced business lines focusing on payment services and cryptocurrency trading, before shifting its core focus to stablecoins in 2018.

The news outlet further highlighted that the Circle’s unaudited financial statements from the first half of 2023 reveal that interest income constituted 99% of Circle's revenue.

Amidst this, the company shifted its headquarters from Boston to New York in September 2024, with plans to form a new headquarters in One World Trade Centre in early 2025, reported Reuters.

On 26 March, Circle launched the USDC stablecoin in Japan in alliance with SBI Holdings, making it the first stablecoin to receive official sanction for use in Japan.

"Crypto firm Circle appoints JPMorgan and Citi to gear up for IPO " was originally created and published by Electronic Payments International , a GlobalData owned brand.

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