Circle, the issuer of the USD Coin (USDC) stablecoin, is reportedly exploring the possibility of going public with an initial public offering (IPO) slated for next year, Bloomberg reported on Nov. 7.

Insiders familiar with the matter revealed that the stablecoin issuer had initiated discussions with advisors to facilitate the IPO process. While the exact valuation Circle aims for remains undisclosed, it’s worth noting that the company held a $9 billion valuation during its previous attempt to go public last year.

A Circle representative told Bloomberg that one of the company’s strategic aspirations was to become a public company in the U.S. However, the spokesperson failed to provide additional information, saying the company doesn’t comment on rumors.

Circle has yet to respond to CryptoSlate’s request for additional commentary as of press time.

In 2021, Circle had initially agreed to go public via a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp., but this arrangement ultimately fell through in December 2022.

Circle has previously garnered investments from prominent institutions such as Goldman Sachs, General Catalyst, BlackRock, Fidelity Management, and Marshall Wace.

Notably, Circle is not the only crypto company contemplating a public offering. Recently, CryptoSlate reported on Ripple’s potential interest in pursuing a similar path, sparked by one of its recent job postings.

USDC market dominance falls to 2021 levels

USDC’s market dominance has reached its lowest level since 2021, when the stablecoin was still relatively new to the crypto industry, according to data from DeFillama.

As per the analytics platform’s data, USDC’s current dominance is 18.96%, marking its lowest point since May 2021.

The stablecoin, which once boasted a market capitalization of more than $50 billion, has experienced a steady decline to under $25 billion, according to a CryptoSlate report.

This rapid descent commenced when USDC faced challenges after its exposure to the U.S. banking crisis came to light in March.

At the time, Circle disclosed that it held some of its USDC reserves at Silicon Valley Bank, which subsequently failed. This revelation led to a brief depegging of USDC, with its value dropping as low as $0.87 before rebounding.

While the market situation has significantly improved since this spring’s slew of bank failures, USDC’s supply continues to fall.