Stablecoin Issuer Circle Plans US Transition for Legal Operations, Leaving Ireland Base

Stablecoin issuer Circle plans to relocate its legal base from the Republic of Ireland to the US. Bloomberg reported on Wednesday that the company recently filed court paperwork to re-domicile. This follows Circle submitting plans for an initial public offering to the US securities regulator in January. Choosing the US as its new home could mean Circle faces a higher tax burden, according to Bloomberg. Companies would generally do the opposite, flocking to Ireland for its business-friendly environment and low tax rate. The country’s 12.5% rate pales in comparison to many other European nations. This makes Ireland a magnet for international firms looking to keep taxes down.

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