Circle’s share of the stablecoin market has grown to 23.5% in 2023, trailing only Tether. By going public, this market share will likely increase further. Circle’s decision to go public could help alleviate fears surrounding stablecoins.
In March, USDC, a stablecoin usually pegged to the United States dollar, experienced a temporary deviation from its peg. This was due to its $3.3 billion exposure to Silicon Valley Bank, which has since collapsed. On March 11, the value of USDC fell to a low of $0.87. However, it managed to recover and returned to its pegged value of $1 by March 14, as per data from CoinGecko.
Ripple’s IPO Rumors Resurface
In related news, rumors about Ripple going public have resurfaced. Ripple’s CEO, Brad Garlinghouse, had previously confirmed intentions to potentially file for an Initial Public Offering (IPO) either by the end of this year or in 2024. However, there has been no recent update on this matter.
This speculation has piqued the curiosity of the XRP community, with many members pondering the potential effects of an IPO on the long-term value of XRP.
Crypto investor Mason Versluis expressed mixed feelings about the situation. He questioned, “Could the Ripple Stock IPO spell the end for XRP?” He also shared his belief that an IPO could potentially boost interest in XRP. However, he acknowledged the possibility of an alternative outcome.
These potential public listings highlight the growing legitimacy of cryptocurrency companies in the eyes of regulators and the public. As these companies continue to grow and gain market share, their decisions to go public could have significant implications for the cryptocurrency market as a whole. It will be interesting to see how these potential IPOs unfold in the coming years.