Circle Internet Financial Still Holding on to Ambitions of Going Public Despite Headwinds

Circle Internet Financial Ltd is still holding on to its ambitions of going public despite facing headwinds that weighed on the plans.

Circle Internet Financial Ltd still has plans to go public despite facing regulatory headwinds that impacted the plans.

According to Bloomberg, the second largest stablecoin issuer refuted any interest in tapping into private markets for capital, adding that the firm's plans to go public were still in the works.

“We are very committed to the path (of going public),” said Allaire during an interview with Bloomberg in Washington.

“We think we can be a really interesting company in public markets,” he added.

stablecoin bill still in the works, says Circle CEO

The crypto firm opted for a more traditional route earlier this year when it filed a draft registration for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) in January.

This year has seen a widespread crackdown on companies in the crypto industry by the US government. Despite this, Allaire declined to comment on any engagements that Circle Internet Financial Ltd had with the SEC and other regulators during the period they filed the draft IPO.

Although the process of getting approvals for the IPO has dragged on for months, Allaire revealed that the company does not need to raise more capital.

“We’re in a financially strong position and have been able to build a very solid business, and we’re currently not seeking any funding,” said Allaire.

Circle Internet Financial boosted staff complement in anticipation of going public

With the hiring spree, the company was optimistic that Washington lawmakers would finally give the industry some regulatory framework it clamored for in the form of a stablecoin bill.

According to Bloomberg, several other crypto-related bills are under consideration on Capitol Hill. Commenting on this, Allaire said there is strong optimism that the stablecoin legislation may even be passed during the lame-duck session after the November presidential elections.

Allaire revealed that new regulatory guardrails will be welcome and will give comfort to the more traditional financial players ranging from banks to asset managers to payment companies to enter the digital asset ecosystem.

“They’re only going to work with regulated infrastructure,” he said. “We’ve already positioned ourselves toward that end.”

Stablecoins, collectively worth $170.5 billion, are cryptocurrencies that aim to track the value of another asset, particularly the US dollar. Stablecoins are popular among traders as a way of moving digital assets between exchanges or sheltering crypto wealth during periods of market volatility.

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