Circle, a stablecoin issuer, is transitioning its legal operations from Ireland to the United States. The company will leave its current base in Ireland and establish its headquarters in the US.

Stablecoin issuer Circle has announced its intention to relocate its legal base from the Republic of Ireland to the United States. Bloomberg reported on Wednesday that the company had recently filed court paperwork to formally re-domicile. This move follows Circle submitting plans for an initial public offering (IPO) to the US Securities Regulator in January.The decision to choose the US as its new home may have unforeseen consequences for Circle, as it could potentially expose the company to a higher tax burden. Notably, many businesses have historically migrated to Ireland due to its business-friendly environment and low tax rates. Ireland's corporate tax rate of 12.5% is significantly lower than many other European nations.Launched in 2013, Circle has established itself as a prominent player in the cryptocurrency industry, primarily through the issuance and management of USDC, a stablecoin pegged to the US dollar. As of May 2024, USDC boasts a market capitalization of over $32 billion.Circle's core business revolves around the issuance and management of stablecoins, which are designed to provide stability and predictability in the volatile cryptocurrency market. This move aligns with Circle's previous failed attempt to go public through a special purpose acquisition company (SPAC) merger in 2021. The traditional IPO is still subject to regulatory approval, market conditions, and other relevant factors.In January, Circle announced plans to list USDC on the Celo network, a Layer-1 blockchain slowly evolving into an Ethereum Layer-2 scaling network. This collaboration aims to leverage Celo's strong mobile-centric user base in regions with high blockchain adoption rates.