Circle plans to move its legal base from Ireland to the United States

According to Bloomberg, Circle, the issuance party to stablecoin USDC, plans to move its legal base from the Republic of Ireland to the United States. The decision comes as Circle filed documents with the court to re-establish its domicile in the United States. The company has not disclosed the reason for the move. Back in January, Circle submitted the ciphertext of its IPO plan to U.S. securities regulators. Moving to the U.S. could result in a heavier tax burden for Circle. Ireland’s relatively low corporate tax rate has attracted large companies such as Apple and Pfizer. However, this advantage is waning due to reforms at the Organisation for Economic Co-operation and Development (OECD), which imposes a minimum tax of 15% on the profits of large multinational corporations.

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