Stablecoin issuer Circle reportedly plans to shift its legal home to the United States from Ireland for undisclosed reasons, Bloomberg reported on May 15.The firm has begun the relocation process by filing the required paperwork with the High Court of the Republic of Ireland.Circle’s decision to shift to the US comes as a surprise, given the advantageous low corporate tax rates it enjoyed in Ireland. Additionally, the move could subject the crypto firm to a heavier tax load and confront it with the challenges of a less favorable regulatory landscape.Industry analysts have conjectured that the stablecoin issuer was shifting its base to the United States in anticipation of its potential initial public offering (IPO).In January, the stablecoin issuer initiated the IPO process by filing for equity securities under a confidential status, aiming to transition into a publicly traded entity.This involved submitting a draft registration statement S-1 form to the US Securities and Exchange Commission (SEC), a customary step for companies pursuing public listing, allowing them to fine-tune their strategies discreetly.Circle has disclosed that specifics regarding the volume of shares and pricing remain pending. The IPO launch awaits review by the SEC and is contingent upon market trends and other relevant factors.USDC growth continuesMeanwhile, its relocation plan arrives at a time when its USDC stablecoin is enjoying a notable uptick in overall network metrics.According to data from DeFiLlama, the stablecoin’s market capitalization has increased by over 3.15% in the past month to $32.5 billion. Additionally, insights from Visa and Allium Labs show substantial trading activity surrounding the USDC stablecoin, currently at over $130 billion this month.However, despite the recent uptick in USDC activity, Tether’s USDT maintains significant market dominance within the stablecoin sector.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Daily digest of top crypto stories and market insights. Never miss out.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
