USDC stablecoin issuer Circle is planning on moving its legal base from Ireland to the U.S. as an IPO looms.

Stablecoin issuer Circle is working on shifting its legal base to the US from Ireland, as the company gears up for an upcoming initial public offering (IPO).

According to a Bloomberg report on May 15, the company recently filed court paperwork to “re-domicile,” according to a spokesperson for Circle, who declined to elaborate on the matter. In January, the stablecoin issuer confidentially submitted plans to the U.S. Securities and Exchange Commission (SEC) for an initial public offering after a long period of fewer deals due to volatile markets.

Traditionally, IPOs serve as a capital infusion mechanism, enabling companies to enhance their infrastructure and expand their marketing efforts. For Circle, going public could mean an influx of resources that could be dedicated to promoting USDC and bolstering its competitiveness against USDT, another stablecoin issued by Tether.

The specifics of Circle’s IPO, however, including the number of shares to be offered and the proposed price range, haven’t been disclosed yet. Initially aiming for a public listing in July 2021, the Boston-based company later pursued a new deal with Concord Acquisition Corp. in 2022, valuing it at $9 billion. However, the much-anticipated SPAC deal failed to materialize due to the U.S. Securities and Exchange Commission’s (SEC) refusal to approve the filing.

Ireland was chosen by Circle as a base for its favorable tax environment, similar to other tech giants like Coinbase, Apple, Google, and Facebook, which also established their EU headquarters in the region.