Todd H Baker is the managing principal at Broadmoor Consulting and senior fellow at Richman Center for Business, Law and Public Policy at Columbia Business School and Columbia Law School.
Circle Internet is the issuer of USDC, one of the largest fiat-backed stablecoins in the world, with around $43bn in circulation.
The company filed an S-1 last month for an underwritten IPO but despite the backing of underwriters JPMorgan and Citigroup and an indicated $5bn valuation, it’s been hard going. This is the second time Circle has tried to go public, it having pursued a Spac deal at a $9nn valuation in 2021 that never made it to the finish line.
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