The world’s second-largest issuer of cryptocurrency stablecoins, Circle, is moving its global headquarters to New York City. According to news reports, Circle is preparing for a US initial public offering (IPO) and wants to be ready in time. This provider issues the USDC stablecoin, the world’s second-largest stablecoin, and the 6th largest crypto asset, 5 spots after the popular Bitcoin (BTC).
A stablecoin is a cryptocurrency generally pegged to the value of another asset - the dollar in this case. While Circle’s USDC has a market cap of $35.4 billion, Tether’s USDT is the largest stablecoin, with $118 billion in market capitalization.
USDC is one of several stablecoins bridging the gap between the crypto and traditional sectors. There are also several other cryptocurrencies that perform this same function by simplifying access to the crypto sector. An example is Bitcoin Bull (BTCBULL), a crypto token built to champion Bitcoin’s charge to $100,000, which is a 71% increase from the current $58,451 price.
Like many other tokens powered by the Ethereum blockchain, BTCBULL offers holders the opportunity to earn significant rewards via staking. This advantage is in addition to the perks of investing in an asset directly tied to Bitcoin’s positive market momentum. (Source: https://btcbulltoken.com/en). Although still a new token, BTCBULL will eventually list on popular exchange platforms like Circle, as the company continues to contribute to the crypto sector and make strategic moves like relocating its headquarters.
The new Circle headquarters will occupy the entire 87th floor of the iconic One World Trade Center. Although neither the company nor co-founder and CEO Jeremy Allaire specified, the move aligns with the company’s plan for an IPO. Circle officially filed in January and is awaiting the conclusion of a review process conducted by the United States Securities and Exchange Commission (SEC).
In a press release, Allaire said the New York location is a symbol of freedom, strength, and a reflection of America’s position as a potential driving force in the global crypto economy. The CEO also spoke about joining the teeming tech-focused population in the city.
“We are investing in New York. We are investing in America. We believe that the infrastructure we are collectively building - this new internet financial system - will be the foundation for the next century of global economic activity, and we feel so privileged to join New York’s thriving community of innovators, technologists, and financial leaders.”
Circle is joining other giant companies like Reddit, which currently operate their headquarters in the tower. Although Circle has operations in Boston, the company was previously headquartered in Ireland.
The January filing is not the first time Circle has attempted to go public. The firm previously had an agreement with blank-check company Concord Acquisition in a deal worth $9 billion. However, Circle announced a “mutual termination” of the agreement after Concord failed to consummate a business combination by December 10, 2022.
Although its headquarters is set for the US, Circle is expanding its presence in other countries. The company is currently focusing on Latin America and has partnered with Mexico’s SPEI and Brazil’s PIX, both payment systems designed by the respective central banks. According to an official Circle release, the USDC stablecoin is now available in both countries to simplify local bank transfers and international wires. Using USDC, PIX, and SPEI can settle cross-border transactions in minutes, significantly reducing lengthy processing times.
Unlike Circle, several crypto companies in the US are looking to establish businesses outside the country. For instance, the US’ largest crypto exchange, Coinbase, floated a business in Bermuda as authorities continue to crack down on the crypto sector. After receiving approval from the Coinbase Monetary Authority, the exchange launched the Coinbase International Exchange to offer perpetual futures trading to users in multiple eligible jurisdictions outside the US.
