Circle (CIRC) recently submitted court documents to transfer its legal domicile to the United States from Ireland, as reported by a spokesperson for the company.

Circle (CIRC) initiated the relocation of its legal headquarters to the United States from Ireland. The company, which is the issuer of the second-largest stablecoin, announced its intention to go public in the United States back in January.

According to Bloomberg’s report on Wednesday, Circle (CIRC), the issuer of the USDC stablecoin, aims to establish the United States as its new legal base in anticipation of an upcoming initial public offering in the country. The spokesperson, mentioned in the report, refrained from providing detailed explanations for the move.

Circle (CIRC), which formally applied for a public listing with the U.S. Securities and Exchange Commission (SEC) earlier this year, is currently headquartered in the Republic of Ireland.

With a market capitalization of approximately $33 billion, Circle’s (CIRC) USDC holds the position of the second-largest stablecoin in the cryptocurrency market, as per CoinMarketCap’s data. TETHer’s USDT, valued at $100 billion, occupies the top spot.

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