%Circle, issuer of the (CRYPTO: $USDC) %Stablecoin, has hired investment banks %JPMorganChase (NYSE: $JPM) and %Citigroup (NYSE: $C) to help it prepare an initial public offering (IPO) that could come by this summer.
JPMorgan and Citigroup will serve as the lead underwriters of the IPO, which is one of many expected in the crypto sector this year.
While timing of the IPO has not yet been finalized, media reports say that Circle plans to file its prospectus for the share sale by late April, meaning an IPO could occur by the end of June.
The company has already filed confidential paperwork with the U.S. Securities and Exchange Commission (SEC) concerning an IPO this year.
In 2021, Circle attempted to go public via a special purpose acquisition company (SPAC) but that deal was scuttled by the SEC and a collapse of crypto prices in 2022.
Media reports say Circle is now reviving its IPO and seeking a $5 billion U.S. valuation, the amount it was last valued at in a private funding round.
Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar of price of gold.
Circle’s USDC is the world’s second-largest stablecoin after %Tether (CRYPTO: $USDT).
