Circle Internet Financial has circled back around on its hopes to be a public company.

The company, which is behind the USDC stablecoin, said it has confidentially filed (although not all that confidentially since it issued a press release) for a U.S. initial public offering.

Circle said the number of shares it plans to sell has not been determined and no proposed price range was given for the offering. The offering is expected to take place after the SEC completes its review process.

The Boston-based firm is the issuer of USDC, which is pegged to the U.S. dollar and is the second biggest stablecoin behind only Tether. There are more $25 billion worth of USDC in circulation.

Try again

This is not Circle’s first attempt to hit the public market.

Circle’s proposed merger with blank-check firm Concord, which is backed by former Barclays boss Bob Diamond, has been its own long and winding story.

The company — an issuer of USD Coin, a type of stablecoin — announced

In July 2021, Circle said it would merge with Bob Diamond’s special-purpose acquisition company Concord Acquisition Corp. in a deal that would value the company at $4.5 billion.

However, USD Coin’s circulation quickly doubled, and in early 2022 Circle terminated its previously announced merger agreement and agreed to new terms that doubled the crypto company’s valuation to $9 billion.

That deal was expected to close in December 2022 or be extended but was instead called off.

“We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” said Jeremy Allaire, co-founder and CEO of Circle, in a release at the time.

Further reading:

• Crypto Company Circle Comes Back Around On SPAC Deal While Doubling Its Valuation To $9B
• Circle Nixes $9B SPAC Deal With Crypto Market In Tumult

Illustration: Dom Guzman