The post Circle CEO stands firm on IPO plans, says no extra funding needed appeared on BitcoinEthereumNews.com.

Key Takeaways Circle’s IPO continues as planned without additional funding needs. Tether, Circle’s competing stablecoin issuer, faces allegations of facilitating illegal activities. Circle is financially strong and well on track to pursue a public listing without needing to raise additional funds, said Circle CEO Jeremy Allaire in a recent interview with Bloomberg. “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 in a recent interview with Bloomberg. The company behind the second-largest stablecoin USDC filed with the SEC earlier this year in a second bid to go public through an IPO. Its initial attempt was unsuccessful due to regulatory hurdles and crypto market turmoil following the collapse of FTX. Circle’s IPO is expected to take place after the SEC completes its review. However, the ultimate success of Circle’s ambitious bid may depend on the SEC’s classification of USDC, its flagship product. A June report from Barron’s said that the SEC raised concerns regarding whether USDC should be classified as a security, which could impact Circle’s operations and its ability to go public. If USDC is deemed a security, Circle would face increased regulatory requirements and costs, which could delay its IPO plans. Allaire said plans to go public remain robust as Circle expands its workforce in anticipation of new US regulations on stablecoins. The US is working towards establishing a regulatory framework for stablecoins. While there have been some proposed bills, such as the Lummis-Gillibrand Payment Stablecoin Act and the Clarity for Payment Stablecoins Act, these have not yet been passed into law. Still, Allaire remains optimistic about potential legislative developments post-election. The US is ten days away from one of the most important events, and whoever wins the White House is expected to…

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Filed under: News - @ October 27, 2024 7:27 am