Circle files for IPO: USDC issuer moves toward public listing

USDC issuer Circle has officially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). If approved, the company’s shares will be traded on the New York Stock Exchange under the ticker CRCL.
 

According to the filing submitted on April 2, Circle generated $1.7 billion in reserve income from its stablecoin operations in 2024 — accounting for 99.1% of the company’s total revenue.
 

Circle is behind USDC, the second-largest stablecoin by market capitalization, with a current circulating supply of $60 billion.
 

Second Attempt After Failed 2021 IPO

This marks Circle’s second attempt to go public. Back in 2021, the company tried to go public via a SPAC merger, which ultimately failed due to delays in SEC approval.
 

In January 2024, Circle filed again — this time through a traditional IPO process. However, the filing stalled amid a hostile regulatory environment that persisted until U.S. President Donald Trump took office.
 

With the changing political climate, Circle resumed its IPO efforts as the industry anticipates a more crypto-friendly approach from regulators.
 

Estimated Valuation up to $5 Billion

Just a day prior to the filing, reports revealed that Circle hired JPMorgan Chase and Citigroup as lead underwriters. Barclays, Deutsche Bank, and SG Americas also joined the syndicate. The company is now reportedly valued between $4 billion and $5 billion.
 

Notably, Circle was already valued at approximately $5 billion in private secondary markets in mid-2024.
 

More Crypto Firms Preparing IPOs

Circle is not alone in its public market ambitions. Following the change in U.S. administration, companies like Ripple, Kraken, and Gemini have also renewed their IPO plans.
 

Additionally, on March 28, AI firm CoreWeave (CRWV) — known for its collaboration with bitcoin miner Core Scientific (CORZ) — began trading publicly.