Jeremy Allaire, CEO of Circle, has announced that the company is in the process of preparing for its initial public offering (IPO) and will be relocating its headquarters to Wall Street in 2025.
The company submitted an application for an initial public offering (IPO) in January, subject to approval by the U.S. Securities and Exchange Commission.
Circle has combined USDC with national banking systems in Brazil and Mexico to strengthen its stablecoin, USD Coin (USDC). This integration allows businesses in these countries to access the stablecoin through local institutions in real-time.
Circle remains behind Tether, which controls more than 70% of the market, despite these advancements, with USDC holding 20%. In the interim, Tether has appointed Jesse Spiro as its new director of government affairs. Spiro was previously the head of regulatory relations at PayPal’s blockchain and crypto division.
Circle has disclosed its intention to facilitate local bank remittances for USDC in Mexico and Brazil, employing the real-time payment systems PIX and SPEI in these nations.
This development expedites the process of international wire transfers, reducing the time required to access USDC from several days to mere minutes.
Circle eliminates the necessity of converting funds to USD by providing competitive rates for direct conversions from Brazilian Reais (BRL) and Mexican Pesos (MXN) to USDC. According to the organization, this will facilitate the utilization of digital currencies and reduce expenses for enterprises.
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