USD Coin (USDC) issuer Circle has “confidentially” filed an initial public offering with the U.S. Securities and Exchange Commission (SEC) today, Jan. 11.

The company submitted a draft registration statement on Form S-1 with the financial regulator as part of its “proposed initial public offering of its equity securities.” However, the number of shares to be offered and the price range for the proposed offering are yet to be determined.

“The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions,” Circle added.

Circle’s USDC is the second-largest stablecoin by market capitalization, with over $25 billion in circulation, according to CyptoRanking’s data.

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

Meanwhile, this is not the stablecoin issuer’s first attempt at going public.

Circle’s first attempt was via a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp., but this arrangement ultimately fell through in December 2022. At the time, the company held a $9 billion valuation.

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

Over the past year, Circle has rapidly expanded internationally. The company has forged notable partnerships with Japanese financial giant SBI Holdings to expand its presence in Asia and scored another partnership that will see the Latin American payment network Mercado Pago offer USDC support to Chilean users. Additionally, it secured pivotal licensing in major jurisdictions like Singapore.