TLDR
- Circle, issuer of USDC stablecoin, has filed for IPO on the NYSE under ticker symbol CRCL
- JPMorgan Chase and Citigroup are serving as lead underwriters with a valuation target of $4-5 billion
- Circle reported $1.68 billion in revenue for 2024, up from $1.45 billion in 2023
- This is Circle’s second public listing attempt after a failed SPAC merger in 2022
- USDC currently has $60 billion in circulation, representing 26% of the stablecoin market
Circle Internet Financial, the company behind the USDC stablecoin, has filed for an initial public offering on the New York Stock Exchange. The company plans to list under the ticker symbol “CRCL” with JPMorgan Chase and Citigroup serving as lead underwriters.
This marks Circle’s second attempt to go public. In 2021, the company tried to merge with a special purpose acquisition company (SPAC), but the deal collapsed in late 2022 amid regulatory challenges and the broader crypto market meltdown following FTX’s collapse.
Circle confidentially filed with the SEC for a traditional IPO in January 2024. The company made its prospectus public on Tuesday, April 1, 2025, providing the first comprehensive look at its financial data.
Financial Performance and Market Position
Circle reported $1.68 billion in revenue and reserve income in 2024, showing steady growth from $1.45 billion in 2023 and $772 million in 2022. The company’s net income was approximately $156 million in 2024, down from $268 million the previous year.
The stablecoin issuer is reportedly seeking a valuation between $4 billion and $5 billion. This represents a decrease from its peak valuation of $9 billion in February 2022 during the revised SPAC merger plan.
USDC, Circle’s flagship stablecoin, currently has about $60 billion in circulation. This makes it the second-largest stablecoin by market capitalization, representing about 26% of the total stablecoin market behind Tether’s 67% share.
The stablecoin’s market cap has grown 36% this year, outpacing Tether’s 5% growth during the same period. This represents a recovery from earlier challenges, including a brief depeg incident in March 2023 when Circle revealed it had $3.3 billion stuck at the failing Silicon Valley Bank.
Competitive Landscape and Revenue Model
Circle faces an increasingly crowded stablecoin market. Several crypto and traditional financial firms have launched their own stablecoins, including Ripple and PayPal, with Fidelity reportedly exploring entry into the space as well.
According to unaudited financial statements from the first half of 2023, interest income generated 99% of Circle’s revenue. The company collects income from the interest generated by the dollar-like assets backing USDC, including U.S. Treasuries.
Circle also has a revenue-sharing arrangement with Coinbase for USDC. In Q4 of 2024, Coinbase earned $225.9 million in revenue from this partnership.
Regulatory Climate and Market Timing
The advancement of stablecoin legislation in Congress appears to boost Circle’s prospects. The Senate Banking Committee advanced a bill in March, with the House expected to vote on their version in early April.
President Trump, who has supported a pro-crypto agenda, has stated he wants to sign stablecoin legislation by August. This more crypto-friendly U.S. administration may create a more favorable environment for Circle’s public debut.
Circle will enter the public markets during a volatile period for tech stocks. The Nasdaq recently experienced its steepest quarterly drop since 2022, and the tech IPO market has been mostly quiet for over three years.
However, there are signs of revival in the IPO market. So far in 2025, 73 companies have gone public on U.S. exchanges, a 70% increase from 2024. The total value of these deals reached $11.8 billion, a 39% jump compared to the same period in 2024.
Other well-known companies have also filed to go public in recent months, including Klarna, StubHub, and eToro. If successful, Circle’s IPO would make it one of the most prominent pure-play crypto companies to list on a U.S. exchange since Coinbase went public in 2021.
Circle has made strategic moves to position itself closer to the center of global finance. Last year, the company announced it would relocate its headquarters from Boston to One World Trade Center in New York.
Founded in 2013 by internet entrepreneur Jeremy Allaire and Sean Neville, Circle has raised $1.1 billion in funding from investors including BlackRock and Coinbase. Neville stepped down as co-CEO in 2019, leaving Allaire as the sole chief executive.
The company has undergone several transformations since its founding, launching different business lines focused on payments and crypto trading before pivoting to stablecoins around 2018.
The stablecoin market overall has grown about 11% this year and approximately 47% in the past year. Industry analysts now consider it a “systemically important” part of the crypto market.
