circulation

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Strong fundamentals and real-world utility could drive further resilience if Web3 adoption grows.

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Circle, a stablecoin issuer based in the Republic of Ireland, has reportedly announced plans to relocate its legal domicile to the United States. The decision is believed to be a response to the Organization for Economic Cooperation and Development’s (OECD) proposal for a minimum tax of 15% on the profits of larger multinational corporations.

Republic of Ireland’s Low Corporate Taxes
The stablecoin issuer, Circle Internet Financial Ltd. (Circle), has reportedly confirmed its intention to relocate its legal base from the Republic of Ireland to the U.S., although no reasons were provided. According to a report by Bloomberg, Circle’s decision to relocate is tied to the firm’s initial public offering (IPO) plans, which were disclosed at the beginning of the year.

As stated in Circle’s January announcement, the stablecoin issuer submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). This statement pertains to the proposed IPO of its equity securities. At that time, Circle indicated that the number of shares to be offered and the price range for the proposed offering had yet to be determined.

By transferring its legal base to the U.S., Circle, the issuer of the USDC stablecoin, is forfeiting Dublin’s low corporate taxes, which have lured corporate giants such as Apple Inc. and the pharmaceutical group Pfizer. As noted in the report, the Organization for Economic Cooperation and Development (OECD)’s proposal for a minimum 15% tax on the profits of larger multinationals is expected to diminish the advantages of Ireland’s low corporate tax rates.

as read on bitcoin.com

#BITCOINUSD #CircleUSDC #CryptoWatchMay2024 #stablecoin #circulation