Backed by American investment bank Goldman Sachs, Circle is a major stablecoin partner of payment giant Visa.

Circle, a Goldman Sachs-backed fintech company focused on stablecoin development, has reportedly announced plans to go public.

The company said it would go public through a merger with an unnamed blank-check company in a deal that values at $4.5 billion, Reuters reported Thursday.

Circle is principal developer of USD Coin (sunshinecrypto.com/usdc-price-index”>USDC), the second-largest stablecoin after Tether (sunshinecrypto.com/tether-price-index”>USDT). In late May, the company sunshinecrypto.com/news/stablecoin-company-earns-record-level-investment-sum-for-a-crypto-outfit”>raised $440 million in private investment from an array of private equity, institutional and strategic investors.

Earlier this year, Circle co-founder and CEO Jeremy Allaire predicted that the company’s USDC is on track to sunshinecrypto.com/news/jeremy-allaire-usdc-is-halfway-to-flipping-paypal”>surpass payments giant PayPal in terms of transacted dollar value.

This article is developing and will be updated.