Crypto Stablecoin Issuer Circle To Relocate To US Amid Market Rebound
Portfolio Pulse from Murtuza Merchant
Circle Internet Financial, the issuer of the USDC stablecoin, is relocating its headquarters from Ireland to the United States amid a market rebound. This move comes as USDC's circulation has increased from $24 billion to $33 billion. The relocation may expose Circle to higher taxes but aligns with recent OECD tax reforms. Circle is backed by major Wall Street firms and cryptocurrency companies.
May 15, 2024 | 2:37 pm
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POSITIVE IMPACT
BlackRock, another significant backer of Circle, might see positive effects from Circle's relocation to the U.S. and the overall recovery in the cryptocurrency market.
BlackRock's backing of Circle positions it to potentially benefit from Circle's strategic relocation and the positive market trends in the cryptocurrency space.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Coinbase Global Inc. is a key backer of Circle, which is relocating its headquarters to the U.S. This move could impact Coinbase positively as it aligns with the broader recovery in the cryptocurrency market.
Coinbase is a significant backer of Circle. The relocation of Circle to the U.S. amid a market rebound could strengthen their partnership and benefit Coinbase, especially given the recovery in USDC's circulation.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Goldman Sachs, a major backer of Circle, may experience indirect benefits from Circle's relocation to the U.S. and the broader recovery in the cryptocurrency market.
As a major backer of Circle, Goldman Sachs could benefit from Circle's strategic move and the positive trends in the cryptocurrency market, although the impact may be more indirect compared to companies directly involved in crypto operations.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60