Circle Internet Financial, the issuer of USD Coin ( USDC ), the second-largest stablecoin by market capitalization, has reportedly revealed that it confidentially filed for an initial public offering (IPO) in the United States.

On Jan. 11, media outlet Reuters reported that Circle’s IPO filing is part of the company’s plans to become a publicly traded firm. However, the stablecoin issuer did not reveal the proposed price range for its IPO filing or the number of shares that it planned to sell.

The company expects the IPO to proceed after the U.S. Securities and Exchange Commission (SEC) completes the review process, adding that this is still subject to market conditions.

Talks of Circle going public started in 2021 when the stablecoin issuer announced plans to go public through a merger with the blank-check company Concord Acquisition Corp, initially valued at $4.5 billion. The valuation ballooned to $9 billion in 2022 but was eventually called off .

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However, the topic resurfaced in 2023 when a Bloomberg report citing anonymous sources highlighted that the company was talking to its advisers and was preparing for a potential IPO . Back then, a representative from Circle said that being publicly listed in the U.S. has been part of the company’s “strategic aspirations” for a long time. However, Circle refused to comment on the rumors.

Circle issues the USDC stablecoin, which is pegged to the U.S. dollar. The asset remains one of the world's largest stablecoins, with a market capitalization of $25 billion.

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