Circle is preparing for its initial public offering (IPO) and is set to relocate its headquarters to Wall Street in 2025, according to CEO Jeremy Allaire.
The company filed for the IPO in January, pending approval from the U.S. Securities and Exchange Commission.
In an effort to bolster its stablecoin, USD Coin (USDC), Circle has integrated USDC with national banking systems in Brazil and Mexico, enabling businesses in these countries to access the stablecoin through local banks in real-time.
Despite these developments, Circle continues to lag behind Tether, which holds over 70% of the market compared to USDC’s 20%. Meanwhile, Tether has appointed Jesse Spiro, previously head of regulatory relations at PayPal’s blockchain and crypto division, as its new head of government affairs.
In related news, Circle has revealed plans to enable local bank transfers for USDC in both Mexico and Brazil, utilizing the real-time payment systems PIX and SPEI in these countries.
This advancement cuts out the lengthy process of international wire transfers, reducing the time to access USDC from several days to just minutes.
By offering direct conversions from Brazilian Reais (BRL) and Mexican Pesos (MXN) to USDC at competitive rates, Circle eliminates the need to convert funds to USD first. The company says this will help businesses lower costs and streamline the use of digital dollars.
The Bank of Canada has announced that it is winding down its efforts on retail central bank digital currency (CBDC), as per an update on its website.
Crypto trader Michaël van de Poppe suggested that the Federal Reserve’s recent decision to cut interest rates by 50 basis points could positively influence the crypto market.
Solana Mobile has officially introduced its new cryptocurrency smartphone, “Seeker,” previously known as “Chapter Two.”
Chainlink co-founder Sergey Nazarov predicts that tokenized real-world assets (RWAs) will soon surpass cryptocurrencies in value.