(Bloomberg) -- Circle Internet Financial Ltd. said it had confidentially submitted plans to launch an initial public offering, more than a year after it scrapped a bid to list its shares via a blank-check deal.

The $25 billion stablecoin provider led by Jeremy Allaire filed a draft registration statement with the US Securities and Exchange Commission, the company said in a statement on Thursday, with the number of shares to be offered and a price range to be determined at a later date.

Circle had previously been talking to advisers about a listing early in 2024, Bloomberg News reported in November. While it’s not clear how much Circle would seek to be valued in an eventual IPO, its worth was estimated at $9 billion when it tried to go public in a planned merger with special purpose acquisition company Concord Acquisition Corp. in late 2022.

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Investors in the business include a throng of Wall Street heavyweights, such as Goldman Sachs Group Inc., General Catalyst Partners, BlackRock Inc., Fidelity Management and Research LLC and Marshall Wace LLP.  

Stablecoins like Circle’s USDC are cryptocurrencies pegged to another asset, typically the dollar. They’re mostly used by traders to move digital assets between exchanges, or as a means of storing wealth away from token price volatility. Once worth as much as $56 billion, USDC’s circulation has been in a steady decline since it revealed it had $3.3 billion of exposure to the collapsed Silicon Valley Bank in March last year. 

“The spot Bitcoin ETF just got approved. The sentiment has improved. It’s not a bad timing to capture this sentiment,” Owen Lau, analyst at Oppenheimer & Co, said in a phone interview. 

Regulation of stablecoins like USDC is still in its infancy, Lau added, and an IPO proposal by Circle could allow it to start a conversation with the SEC to figure out who should regulate stablecoins and how. Several attempts by US lawmakers to put forward bills on stablecoins have been unsuccessful, but oversight of the sector has been singled out as a priority by US President Joe Biden.

Read more: Stablecoin Push Unleashes Flood of Crypto Lobbying Cash (1)

The decline in USDC’s share of the $136 billion stablecoin market has come at the cost of uplifting its main rival, Tether Holdings Ltd., and despite a broader rally in crypto trading. Tether’s USDT is now worth more than $94 billion, according to data by CoinGecko, making it more than three times the size of Circle. 

(Updates to add context from fifth paragraph onward.)

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