BREAKING: Stablecoin firm Circle to go public in $4.5B blank-check deal

Backed by American investment bank Goldman Sachs, Circle is a major stablecoin partner of payment giant Visa.

Circle, a Goldman Sachs-backed fintech company focused on stablecoin development, has reportedly announced plans to go public.

The company said it would go public through a merger with an unnamed blank-check company in a deal that values at $4.5 billion, Reuters reported Thursday.

Circle is principal developer of USD Coin (USDC), the second-largest stablecoin after Tether (USDT). In late May, the company raised $440 million in private investment from an array of private equity, institutional and strategic investors.

Earlier this year, Circle co-founder and CEO Jeremy Allaire predicted that the company’s USDC is on track to surpass payments giant PayPal in terms of transacted dollar value.

This article is developing and will be updated.