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Circle, the largest United States-domiciled stablecoin issuer, had an explosive first day of trading as it launched its initial public offering (IPO), rocketing to a peak of over $103 from an IPO price of $31. This increase in stock price values Circle at approximately $20 billion. This increase, besides suggesting that Circle could have priced its IPO higher, also leads to an interesting comparison with one of the earlier major US public offerings, Coinbase. ANALYSIS: Does the Circle IPO value Tether at $316B? Read more: Circle vs. Tether: What’s in the reserves? Coinbase didn’t use an IPO but instead had existing shareholders sell directly, with an initial reference price of $250. However, it actually opened at $381 and ended its first day of trading lower at $328. At the closing of its first day, Coinbase had a fully diluted valuation of approximately $85 billion . The relationship between Coinbase and Circle Coinbase and Circle are both co-fo...

Stablecoin firm Circle is teaming up with top American banks as it prepares for a reported April initial public offering (IPO) launch. According to a new Fortune report, USDC-issuer Circle is working with JPMorgan Chase and Citi Bank to publicly list the firm’s shares next month. Citing “two sources familiar with the situation” Fortune reports that Circle is planning to file the paperwork for the IPO in late April. Circle filed for the traditional IPO with the U.S. Securities and Exchange Commission (SEC) in January 2024. Circle has tried filing for an IPO in previous years, but the firm’s last attempt was abandoned following the FTX collapse in 2022. According to the report, the impending IPO has the potential to be the biggest crypto IPO since Coinbase went public in 2021. Citi Bank and JPMorgan also advised Coinbase before going public. USDC stablecoins are officially issued by Circle and are redeemable 1:1 for US dollars. USDC is the ...

Circle has publicly refuted allegations of improper banking relationships and financing of illicit activities in a detailed response to concerns raised by Senators Elizabeth Warren and Sherrod Brown. The Nov. 30 letter, crafted by Circle’s Chief Strategy Officer Dante Disparte, responds to claims from the Campaign for Accountability, which accused Circle of facilitating illicit financial activities , including banking Justin Sun and financing Hamas. The Campaign for Accountability, led by Michelle Kuppersmith, based its allegations on studies and reports, suggesting ties between Circle and Sun. However, Circle’s response is clear: they have no current accounts with Sun or his entities, including the TRON Foundation or Huobi Global. You might also like: Circle introduces bridged USDC standard to expand stablecoin utility They also noted that the U.S. government has not designated Sun or his companies as ‘specially designated nationals’, although Circle...

Not All Utility Tokens Comes Under MiCA’s Regulations The EU MiCA regulation has garnered immense attention as a landmark regulatory framework for the crypto industry. Designed to comprehensively address the complexities of crypto assets, it has become a focal point for discussions within the global cryptocurrency community. Hansen’s insights offer a closer look at key exemptions under MiCA, highlighting activities that won’t require regulatory approval. advertisement Hansen first points out that utility tokens designed and utilized within specific networks are exempt from MiCA’s provisions. Additionally, crypto-asset offerings that cater to fewer than 150 individuals per EU member state or solely to qualified investors, totaling under 1 million EUR in a 12-month period, fall beyond MiCA’s scope. Furthermore, digital assets that are non-transferable are not subject to MiCA ’s regulatory framework. Notably, lending and borrowing ...

Coinbase (COIN), a US-based cryptocurrency exchange, has secured a minority stake in a payment company Circle.  This collaboration comes as both entities take the significant step of dissolving their Centre Consortium partnership, which had been instrumental in the issuance of USD Coin (USDC), currently ranked as the world’s second-largest stablecoin . An updated agreement According to Fortune, this updated agreement was made on Monday, Aug. 21, which comes as a response to regulatory uncertainty and potential competition from stablecoin s, including Tether and now PayPal’s new stablecoin , PYUSD. USDC was originally launched in 2018 as a stablecoin pegged to the U.S. dollar, an action that would theoretically fix the assets price to $1. The idea was first created by Circle, and the company went on to build a consortium called Centre to govern the stablecoin . Coinbase later joined this consortium as a distribution partner in preparation for the launch of USDC. Following th...

Its 2023 and stablecoins continue to remain a hot topic of discussion. Earlier this year, Binance USD [BUSD] made quite some noise after falling under the radar of the U.S. government. Circle USD Coin or USDC followed suit as it lost its $1 peg with the collapse of several financial institutions. According to Messari statistics, Circle has taken around 3.9 billion USDC out of circulation since March 10, bringing the total amount in supply to 39.5 billion USDC . Circle did add coins to the circulation, but was significantly fewer than it burnt. Source In addition, Circle released a blog noting that it had redeemed $2.9B USDC and minted $0.7B USDC. After plummeting to a low of $0.8774 over the weekend, USDC was trying to regain its $1 peg. At press time, the stablecoin was trading for $0.9985 with a 0.08% daily drop. Further elaborating on the way forward, Circle said, “We have more to do here, including adding new transaction banking partners with 24/7/365 cap...