Stablecoin Issuer Circle Files to Shift Legal Home to U.S. From Ireland Ahead of Planned IPO: Bloomberg

• Circle filed to relocate its legal base to the U.S. from Ireland

• The issuer of the second-largest stablecoin said in January that it planned to list its shares in the U.S.

Circle, issuer of the USDC stablecoin, intends to make the U.S. its new legal home ahead of a planned initial public offering in the country, Bloomberg reported on Wednesday.

The company recently filed court paperwork to make the move, according to the report, which cited a spokesperson who declined to elaborate on the reasoning.

Circle, which filed to list shares publicly with the U.S. Securities and Exchange Commission (SEC) in January, is currently domiciled in the Republic of Ireland.

The company's USDC is the second-largest stablecoin in the crypto market, with a market cap of around $33 billion, according to data by CoinMarketCap. Tether's USDT, at $100 billion, is the largest.

Circle did not immediately respond to CoinDesk's request for further comment.

Read More: Stablecoin Expansion Stalls Ahead of U.S. Inflation Data