Circle Internet Financial, the issuer of the world’s second-largest stablecoin USD coin (USDC), has announced its relocation of global headquarters from Boston to New York City, after filing for a U.S. initial public offering (IPO) earlier in 2024.
The company plans to establish its new base in One World Trade Center by early 2025. This shift signifies a growing trend within the cryptocurrency industry – a desire for closer integration with traditional finance.
Circle’s decision to relocate to New York City shows the cryptocurrency industry’s increasing desire to be seen as a legitimate player alongside established financial institutions. Major players like Goldman Sachs already call the Big Apple home.
The surge in popularity of cryptocurrencies like Bitcoin, coupled with the introduction of ETFs tracking their performance, has fuelled significant growth in the sector. This trend extends to stablecoins like USDC, which are cryptocurrencies pegged to real-world assets, typically the U.S. dollar. Backed by cash and cash equivalents like short-term Treasury bonds, USDC remains the second-largest stablecoin globally.
While currently at around $35 billion in circulation, the value of USDC tokens has dipped from a mid-2022 peak above $56 billion, according to crypto market tracker CoinGecko.
Circle’s Plans
“Our new headquarters near the top of One World Trade Center is a symbol of the trust, security, and stability we’re building as a critical infrastructure provider for the future of finance,” stated Circle co-founder and CEO Jeremy Allaire.
Circle has harbored aspirations of becoming a publicly traded company for several years. In 2022, a proposed merger with a blank-check firm aimed at taking the company public fell through. That deal valued Circle at $9 billion.
