Rumors suggesting that Ripple may be considering an initial public offering (IPO) have recently caught the interest of the crypto community. However, it appears that another crypto giant may have set its sights on a public debut in 2024.
Circle IPO Report Takes Centre Stage
While speculations of Ripple’s IPO lose a bit of momentum, new reports of USDC stablecoin issuer Circle going public have been making the rounds.
According to a Bloomberg report on November 7, Circle was allegedly speaking with its advisers about filing an IPO in 2024. Although the rumors have spread like wildfire, Circle has refrained from publicly denying or confirming the speculations.
Earlier in July 2021, Circle had plans to go public in a blank-check merger deal which at the time had the value of $4.5 billion. The stablecoin issuer had intended to go public after merging with Concord Acquisition Corp, a company backed by Barclays Boss, Bob Diamonds.
However, Circle’s plans to go public were not successful and the USDC stablecoin issuer had stated that the reason it was unable to do so was because the US SEC had not given a signing approval. Eventually, Circle and Concord Acquisition Corp announced a mutual termination of their proposed business affiliation.
USDC market cap drops to $24.37 billion | Source: Market Cap USDC on Tradingview.com
Ripple IPO Whispers Continue
Blockchain-based digital payment network, Ripple has been subject to rumors recently, claiming that the crypto company would soon be filing for an IPO before the end of the year or by 2024.
While these rumors have effectively sparked the interest of the XRP community, many members have wondered about the impacts an IPO would have on the long-term value of XRP.
“Will the Ripple Stock IPO be the DEATH of $XRP? I believe it should only increase the interest in XRP and help it. But I can also see the other side,” crypto investor Mason Versluis stated.
Another crypto community member has outrightly negated the speculations, stating that Ripple would not go public this year or early 2024 due to the legal issues between XRP and the United States Securities and Exchange Commission (SEC).
“I see some tweets claiming Ripple will IPO this year or early in 2024. I do not believe that is correct,” Founder of Dizercapital, Yassin Mobarak stated.
He added “I asked Brad directly about sharing any updates on Ripple IPO status. Brad articulated that the SEC must approve Ripple’s S-1 before going public, and that’s not happening while the company is in a lawsuit with the SEC.”
Featured image from StocksAim, chart from Tradingview.com