Stablecoin issuer Circle has made the decision to move its legal operations from Ireland to the United States. According to Bloomberg, the company recently filed court documents to re-domicile, following its submission of plans for an initial public offering (IPO) to the US securities regulator in January. Circle confirmed that it has filed the necessary paperwork to relocate to the US. This move may result in Circle facing higher taxes, as companies typically choose Ireland for its business-friendly environment and low tax rate. However, Circle’s decision to make the US its new home could be attributed to market conditions and other factors. Circle, which was launched in 2013, is known for issuing USDC, a stablecoin tied to the US dollar. With a market cap of over $32 billion, USDC has established itself as a major player in the crypto industry. Circle’s main focus is on issuing and managing USDC, which provides stability for transactions in the volatile cryptocurrency market. The company’s plan to go public through a traditional IPO comes after a failed attempt in 2021 to merge with a special purpose acquisition company (SPAC). The IPO is subject to SEC approval and market conditions. In January, Circle also announced its intention to introduce USDC on the Celo network, a Layer-1 blockchain that is evolving into an Ethereum Layer-2 scaling network. This partnership aims to leverage Celo’s mobile-centric user community in areas with high blockchain adoption rates.
