Stablecoin USDC’s Slide Makes Circle’s Proposed IPO a Hard Sell
- Circle has started talking to advisers to prepare for IPO
- Several reasons behind USDC’s market share loss to Tether
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Preparing a company for an initial public offering is never an easy feat. Circle Chief Executive Officer Jeremy Allaire faces an especially daunting task.
Circle’s main product, the crypto stablecoin USDC, is losing ground to chief competitor Tether’s namesake token, eroding its importance in digital-asset markets. Crypto executives and investors point to several reasons for the market-share loss, some of which could be hard for Allaire to quickly address.