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Circle Internet Financial moves headquarters to New York City

Circle Internet Financial, the company behind stablecoin USDC, is moving its global headquarters from Boston to New York City after filing for a U.S. initial public offering confidentially earlier this year. Circle plans to open its new headquarters in the One World Trade Center in early 2025, the company said Friday.

WHY IT'S IMPORTANT 

The move of Circle to New York City is another sign that the cryptocurrency industry is looking to become more enmeshed with traditional finance. Companies like Goldman Sachs and BlackRock are also based in the Big Apple. Cryptocurrencies like bitcoin have become more popular as token prices have soared to new highs and as exchange-traded funds have hit the U.S. market this year. 

CONTEXT 

That growth has also translated to stablecoins, a type of cryptocurrency tied to real-world assets, often the US dollar. Circle's USDC is the second largest stablecoin in the world and is backed by cash and cash equivalents, including short-term Treasury bonds. According to the crypto market tracker CoinGecko, there are USDC tokens in circulation worth around $35 billion, down from a peak of $56 billion in mid-2022. 

KEY QUOTE 

"Our new headquarters near the top of One World Trade Center is a symbol of the trust, security and stability we are building as a critical infrastructure provider for the future of finance," said Circle co-founder and CEO Jeremy Allaire in a statement. What's Next Circle has sought to become a publicly traded company for a number of years, abandoning a deal in 2022 to go public via a blank check firm. This deal valued the company at $9 billion. Circle filed for an IPO in January, which is expected to take place after the Securities and Exchange Commission completes its review process, subject to market and other conditions, said the company at the time.

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