HomeCrypto NewsUSDC targets the stock market

USDC targets the stock market

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The company Circle, issuer of the stable cryptocurrency USDC, filed a draft form S-1 with the United States Securities and Exchange Commission (SEC), with the aim of being able to trade in the markets that are under its regulation.

«The number of shares to be offered nor the price range of the proposed offering have yet to be determined. “The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions,” the company said in a statement. release.

Circle’s plans appear to be in full progress after filing court paperwork to change company domicile from Ireland to the United Statesaccording to reported Bloomberg.

The reasons for carrying out the transfer of the legal basis were not made known by the company, but Going public means seeking greater access to capital, which would allow it to expanddevelop new products and thus gain greater ground in the stablecoin sector.

Another reason may be due to the tax reforms promoted by the Organization for Economic Cooperation and Development (OECD) and implemented in Ireland.

At the beginning of this year was implemented in the European Union an agreement that establishes 15% for the corporate tax of multinational companiesas a way to confront tax evasion by companies.

USDC revives in the market

In any case, USDC continues to fight to challenge the reign of the USDT stablecoin, issued by the Tether company.

This has been reflected in USDC supply, which showed an increase of 14.3%, exceeding $3.5 billion since December 1, 2023, as reported by CriptoNoticias.

USDC market capitalization in 2024. Source: CoinMarketCap.

One of the factors that made the Circle stablecoin take off was the decision by Binance, the largest cryptocurrency exchange on the market, to convert all of the assets deposited in the safekeeping fund for users to USDC, which includes 16,000 bitcoin (BTC).

All stablecoins, True USD (TUSD), Binance Coin (BNB), bitcoin and USD Tether (USDT), that were part of the fund, were converted into USDC.

USDT is a difficult rival to beat

While the performance in the USDC market has been positive, it is difficult for the cryptocurrency to be a real threat to USDT, at least in the short term.

USDT It does not face any danger for now, since it surpasses in several aspects, not only USDC but also the rest of the stablecoins. From the market.

At the moment, USDT has a dominance in the stablecoin sector that reaches 69%. Its market capitalization is $110 billion, as seen in the following graph.

USDT market capitalization. Source: DeFiLlama.

According to the rprofit report presented by Tether, in the first quarter of 2024, it made a record profit of $4.52 billion.

Another example of strength was demonstrated by the company’s net worth, which went from 7.01 billion dollars on December 31 to 11.37 billion dollars as of March 31 of this year.

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