Stablecoin issuer Circle has moved its headquarters to New York ahead of its planned Initial Public Offering (IPO).
The company formerly had its headquarters in Boston but plans to commence a new office at the One World Trade Center early next year.
Circle Moves Global HQ to New York’s World Trade Center
Jeremy Allaire, the co-founder and CEO of Circle, shared the news in a post last week. He wrote, “We are moving our Global HQ to New York City, building out a flagship space on one of the top floors of 1 World Trade Center, a historically important landmark in standing for American global economic leadership.”
The move to New York aligns strongly with the growing trend of crypto companies seeking to blend with the traditional finance market. New York, home to Walls Street, is considered the business center of the world.
Did you hear? We are moving our headquarters to the most important economic center in the world – New York. 🙌 @RepDanGoldman @RepRitchie @clydevanel @Scaramucci @rajgokal @CircleCarpenter @ddisparte @jerallaire pic.twitter.com/aMIFfmp0dE
— Circle (@circle) September 13, 2024
2025, the Year of Stablecoins
Circle’s move to New York comes in preparation for 2025, which it believes will be a huge year for the stablecoin market. The USDC issuer is one of the biggest players in the stablecoin market. There are around $35 billion USDC in circulation.
In addition, stablecoin issuers play a huge role in linking the crypto and fiat worlds. Commenting on the stablecoin market, Circle CEO Allaire said, “2024 has been a turning point year in crypto, a year when stablecoins started to truly break out in scale, importance, and usage. 2025 will be the year when this goes mainstream.”
Stablecoins are money built for the age of the global internet https://t.co/SjAc7dE6Vm
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) September 17, 2024
Circle’s move to New York comes after months of increased adoption of crypto in the US. 2024 has seen the approval of both Bitcoin and Ethereum ETFs. Despite reports of the US being hostile to cryptocurrencies, Allaire believes the US has the potential to emerge as a leader in the industry.
He said. “My view is that we are at a turning point and that the US is about to become THE decisive leader in building and supporting this technology and financial revolution.”
The November US election will likely play a huge role in deciding the fate of the crypto industry in the US. Former President Donald Trump is mostly viewed as a more pro-crypto candidate. Trump made a historic appearance at the Bitcoin Conference in July. He has also shared plans to integrate digital assets as part of his administration.
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