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Circle Plans to Change Location Ahead of Possible IPO by Moving to the USA

Circle

Stablecoin issuer Circle plans to move its legal headquarters from Ireland to the United States. Circle filed a confidential application for an initial public offering of shares in January.

Circle‘s parent company has filed the necessary paperwork with the Supreme Court of the Republic of Ireland for the company’s legal relocation. Although the reason for this move was not fully disclosed, Bloomberg first announced the news on Wednesday.

Circle’s potential IPO could be among the possible reasons for the move. The move is otherwise considered unattractive given the US’s higher tax burden compared to Ireland’s relatively low corporate tax rates.

Circle confidentially filed a draft registration statement, Form S-1, with the U.S. Securities and Exchange Commission (SEC) in January as part of its plans to become a public company. This is a common approach that provides flexibility to complete the IPO process away from the public eye.

The company had stated that details regarding the share amount and pricing have not yet been determined and that the launch depends on other factors such as SEC review and market conditions.

Circle’s USDC stablecoin is the second largest stablecoin after Tether’s USDT and has a market capitalization of around $32.9 billion.

In 2021, Circle acquired Concord Acquisition Corp. It had planned to go public by merging with a Special Purpose Acquisition Company (SPAC), but this arrangement later failed.


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