TLDR
- Circle, known for developing the USDC stablecoin, is setting its sights on going public, planning to be listed on the NYSE under the ticker 'CRCL'.
- The IPO will be guided by financial giants JPMorgan and Citigroup, aiming for a valuation that could range between $4 billion and $5 billion.
- Circle revealed impressive financial results for 2024 with revenue at $1.68 billion alongside a net income of $156 million.
- This IPO endeavor represents Circle's second attempt following an unsuccessful SPAC merger in 2022.
- The decision to file for an IPO coincides with a more favorable regulatory landscape for cryptocurrency operations during the Trump era.
Circle, the mastermind behind USDC, has filed an IPO application with the SEC, planning to make its NYSE debut as 'CRCL', with JPMorgan Chase and Citigroup leading the underwriting process.
In its second bid to become a publicly-traded company, Circle previously sought a SPAC merger in 2021, which did not proceed as planned due to regulatory obstacles and timing conflicts with the SEC in 2022.
This IPO filing emerges during a growth phase for stablecoins, with USDC being the second-largest by market cap, boasting around $60 billion in circulation and accounting for approximately 26% of the stablecoin industry.
Since their prior SPAC attempt fell through, Circle has strategically aligned itself with the global finance sector and shifted its headquarters from Boston to the prestigious One World Trade Center in New York.
Financial Performance
Circle's latest financial disclosures show $1.68 billion in revenue and reserve income for 2024, marking a rise from $1.45 billion in 2023 and $772 million in 2022.
The company achieved a net income of roughly $156 million for 2024, albeit down from the $268 million recorded in 2023.
Circle's IPO is expected to appraise the firm at around $4 billion to $5 billion, a noticeable drop from the $9 billion valuation tied to their SPAC deal terms revision in February 2022.
Interest generated by the funds backing USDC constitutes the bulk of Circle's income, with 2023 unaudited financial documents indicating that interest accounts for 99% of the revenue.
USDC has experienced a 36% increase in market cap this year, surpassing the 5% growth logged by market frontrunner Tether over the same timeframe.
Regulatory Environment
Circle's timing for their IPO aligns with an ongoing trend of crypto-supportive regulations in the U.S., with President Donald Trump fostering a pro-crypto environment since taking office.
Trump has expressed a desire for lawmakers to advance stablecoin legislation to his desk before Congress pauses in August, fueling optimism across the stablecoin market.
In March 2025, the U.S. Senate Banking Committee propelled a stablecoin bill forward, setting the stage for a House vote expected in early April, thus driving momentum in this sector.
This positive regulatory backdrop has instilled greater confidence in the crypto community, giving Circle the opportunity to operate under a more favorable framework.
The stablecoin arena has seen around an 11% growth rate this year and an impressive 47% over the past year, with Bernstein recognizing this sector as a 'systemically important' facet of the crypto landscape.
Competitive Landscape
A successful IPO could cement Circle's status as one of the leading pure-play crypto entities listed on a U.S. exchange, with Coinbase, which opted for a direct listing in 2021, holding a market cap near $44 billion.
Circle is not alone in its quest for public listing. Ripple, another key blockchain player, is also considering an IPO, despite the ongoing scrutiny from the SEC.
The stablecoin market has seen increased competition, with both new crypto and traditional finance companies launching their stablecoins, such as Ripple and PayPal. Rumors also suggest that Fidelity is evaluating an entry into this space.
Coinbase enjoys a robust partnership with Circle and USDC, sharing half of the revenue from USDC, having earned $225.9 million from this arrangement in the fourth quarter of 2024.
Coinbase’s CEO Brian Armstrong has openly stated an ambitious vision to elevate USDC to the top stablecoin position. Their alliance could potentially rival Tether, currently dominating with 67% market share.
Back in March 2023, Circle hit a rough patch when it discovered that $3.3 billion of its reserves were entangled with the failing Silicon Valley Bank. USDC temporarily lost its $1 value, but rebounded after regulators intervened to stabilize the bank.
Despite this obstacle, USDC's market cap has since rebounded, reaching an all-time peak of approximately $60 billion. This recovery underscores the strong market faith in the stablecoin and Circle's leadership.
The IPO market is witnessing a resurgence in 2025. There have been 73 companies that have gone public on U.S. exchanges so far this year, marking a 70% improvement from 2024, and amassing a total value of $11.8 billion.
Alongside Circle, other renowned companies have initiated plans to go public, including eToro, StubHub, and Klarna, pointing to a reinvigorated IPO market following a period of dormancy.
The debut of Circle's IPO will unfold amid turbulent times for tech stocks. The Nasdaq recently suffered its most significant quarterly dip since 2022, presenting a tough landscape for new tech listings.
