<ul><li>Circle Internet Financial, the issuer of the second largest stablecoin, USDC, is advancing its long-planned initial public offering (IPO) by hiring JPMorgan Chase and Citi as underwriters.</li><li>Circle previously attempted to go public through a merger with a special purpose acquisition company (SPAC), but it was not approved by the US Securities and Exchange Commission (SEC). Now, the company is moving towards a traditional IPO.</li><li>If successful, Circle's IPO could achieve a valuation between $4 billion and $5 billion, making it the largest cryptocurrency-related IPO since Coinbase in 2021.</li><li>USDC, Circle's flagship stablecoin, experienced significant market capitalization growth during the crypto boom of 2021, reaching over $50 billion. However, it faced challenges, such as temporary loss of the $1 peg. Currently, USDC's market capitalization is around $60 billion.</li></ul>

USDC Issuer Circle Set To File For IPO By April, Eyes $5 Billion Market Valuation

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