Circle Legal Headquarters Will Move To US Amid Crypto Market Surge

Key Points:

• Circle, the issuer of the second-largest stablecoin, is moving its legal base from Ireland to the US.
• The firm’s USDC stablecoin has rebounded to a $33 billion circulation, following a previous setback due to US banking issues.
• Supported by Wall Street and crypto-native firms, Circle and other stablecoin issuers are profiting from post-pandemic interest rate increases.

According to Bloomberg, Circle legal headquarters will move to the US in preparation for its upcoming IPO. The firm has filed documents with the court.

Circle, the company issuing the second-largest stablecoin, has decided to move its legal base from Ireland to the US.

Circle Legal Headquarters to Relocate from Ireland to the US

Despite the potential for higher taxation, the company has recently submitted court documents to enact this change. The circumstances behind this move remain undisclosed.

Circle’s business is centered around the $33 billion stablecoin, USDC. Despite experiencing a setback last year due to US banking issues, USDC’s circulation has bounced back from a recent low of $24 billion. The recovery aligns with the broader uptick in the crypto markets.

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Major Financial Supporters Backing Circle’s Operations

Stablecoins like USDC are usually pegged to fiat currency and backed by cash and bond reserves. The rise in interest rates post-pandemic has enhanced the profitability of issuers. For example, Tether, the largest stablecoin operator, reported a record Q1 profit of $4.5 billion.

Circle enjoys the support of Wall Street giants like Goldman Sachs Group Inc., General Catalyst Partners, BlackRock, Fidelity Management and Research, and Marshall Wace, along with crypto-native firms like Coinbase Global Inc.