The company behind the second-largest USD-pegged stablecoin by market cap is naming its price for its upcoming US initial public offering (IPO).
According to a Reuters report, USDC-issuer Circle says it is aiming for a $7.2 billion valuation in its upcoming IPO – about $28 per share – partially because of the current administration’s friendlier outlook on crypto regulations.
US dollar-pegged stablecoins aim to maintain a 1:1 value with the US dollar. Tether’s USDT is the largest USD-pegged stablecoin by market value.
Says Chief Investment Officer of Running Point Capital, Michael Ashley Schulman,
“Issues regarding memecoin hype and more specifically Trump’s ventures into a namesake coin should not directly affect the outlook for stablecoins backed by hard currency.”
According to the widely followed pseudonymous crypto analyst The Flow Horse, the Circle IPO valuation is “cheap.”
“Circle IPO seems interesting to me.
I think $28 is going to look cheap over a multi-month period.
Outside of the initial event volume, I will be looking for price to develop a clean range and ideally start to establish a longer-term position.”
Bloomberg reports that BlackRock, the largest asset manager in the world, plans on accumulating 10% of Circle’s shares when they become available on Thursday, June 5. BlackRock is already the acting reserve manager for the assets backing USDC.
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The post Stablecoin Issuer Circle Targeting $7,200,000,000 Valuation in Upcoming IPO appeared first on The Daily Hodl.
The company behind the second-largest USD-pegged stablecoin by market cap is naming its price for its upcoming US initial public offering (IPO). According to a Reuters report, USDC-issuer Circle says it is aiming for a $7.2 billion valuation in its upcoming IPO – about $28 per share – partially because of the current administration’s friendlier
The post Stablecoin Issuer Circle Targeting $7,200,000,000 Valuation in Upcoming IPO appeared first on The Daily Hodl. Altcoins, initial public offering, IPO, News, stablecoin, tether, usdt
This articles is written by : Nermeen Nabil Khear Abdelmalak
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