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Gemini announced that it filed a confidential draft S-1 with the Securities and Exchange Commission on Friday.
The filing is one of the first steps for the crypto firm to go public through an initial public offering.
The S-1, however, isn’t public yet, but Gemini said that it expects its IPO to move forward following the review process from the SEC.
The move comes just a day after Circle debuted on the New York Stock Exchange in an IPO that was pretty successful. The stock was priced at $31 at an offering of 34 million shares, but started trading at $69 a share. It closed up over 160% at $83 a share on Thursday.
Read more: Did Circle execute its IPO ‘perfectly’
Industry watchers noted that the success of an IPO as big as Circle could spur others to quickly follow in the stablecoins footsteps.
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