Circle Internet Group, Inc., the issuer of the world’s second-largest stablecoin, USD Coin (USDC), has officially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).
This move marks a significant milestone for the cryptocurrency industry, reflecting growing mainstream acceptance of digital assets and stablecoins in particular.
According to a report from CNBC, Circle aims to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL,” with JPMorgan Chase and Citigroup serving as lead underwriters.
The company is reportedly targeting a valuation of up to $5 billion, capitalizing on a favorable shift in sentiment toward crypto under a more supportive U.S. administration.
The IPO filing comes at a pivotal moment for Circle, which has positioned USDC as a cornerstone of the digital economy.
With approximately $60 billion in circulation as of March 2025, USDC trails only Tether in the stablecoin market, commanding a 26% share of the $200 billion sector.
Unlike its competitor, Circle has more strongly emphasized regulatory compliance and transparency, backing USDC with cash and short-term Treasury securities to ensure a 1:1 peg with the U.S. dollar.
This approach has fueled a 36% growth in USDC’s market cap this year, outpacing Tether’s modest 5% increase.
The filing reveals Circle generated $1.7 billion in revenue in 2024, primarily from interest on USDC reserves, though net income dipped to $156.9 million from $271.5 million in 2023 due to rising operational costs.
Circle’s IPO is not its first attempt to go public. In 2022, a planned merger with a special purpose acquisition company (SPAC) fell apart amid regulatory uncertainty.
This time, however, the company is riding a wave of optimism, bolstered by expectations of U.S. stablecoin legislation in 2025.
President Donald Trump has expressed support for such a framework, potentially before Congress’s August recess, signaling a more crypto-friendly regulatory environment.
For Circle, a successful IPO could cement its leadership in the stablecoin space and pave the way for other crypto firms to tap public markets.
Beyond the IPO, Circle is making strategic moves to expand its influence.
The company announced a memorandum of understanding (MOU) with Intercontinental Exchange Inc. (ICE), the parent of the NYSE, to explore integrating USDC and its tokenized money market fund, US Yield Coin (USYC), into ICE’s financial ecosystem.
This partnership aims to develop innovative products across ICE’s derivatives exchanges, clearinghouses, and data services.
With USDC already accessible to 600 million end-user wallets and supporting use cases from payments to capital markets, the collaboration could bridge traditional finance and blockchain technology, enhancing liquidity and efficiency.
Circle’s recent acquisition of Hashnote, the issuer of USYC, further underscores its strategic objectives.
By integrating USYC—a $1.52 billion tokenized treasury fund—with USDC, Circle is positioning itself at the forefront of tokenized real-world assets (RWAs), a growing trend in crypto.
These developments, alongside the IPO, highlight Circle’s vision to transform global finance, leveraging stablecoins to drive economic opportunity and innovation.