USDC stablecoin issuer Circle plans to shift its legal base from Ireland to the United States.

Circle's parent company recently filed required paperwork with the High Court of the Republic of Ireland to redomicile the firm, a spokesperson confirmed to The Block. However, the reason for the move remains unclear. Bloomberg first reported the news on Wednesday.

A potential initial public offering for Circle could be among the reasons, especially given the U.S.’s higher tax burden compared to Ireland’s relatively low corporate tax rates, which makes the move otherwise unattractive.

In January, Circle confidentially filed for an IPO of its equity securities under plans to become a publicly traded company. The firm confidentially submitted a draft registration statement S-1 form to the U.S. …