Circle, the issuer behind the world’s second-largest stablecoin USDC, has officially filed to go public with a listing on the New York Stock Exchange (NYSE) under the ticker “CRCL.” This marks the stablecoin issuer’s second attempt at a public debut after its failed 2022 SPAC deal, which unraveled amid regulatory delays and the collapse of FTX.
The IPO filing, submitted via an S-1 registration to the U.S. Securities and Exchange Commission, did not disclose share count or target price. However, reports suggest Circle is eyeing a valuation of up to $5 billion, with JPMorgan Chase and Citigroup leading a group of ten underwriters for the offering.
Circle’s 2024 revenue stood at $1.68 billion, a 16% increase year-on-year. Despite that, net income dropped 41.8% to $156 million, weighed down by a massive $908 million payout to Coinbase, its primary USDC distribution partner. Over 99% of Circle’s revenue came from interest on stablecoin reserve, primarily from yield-bearing U.S. Treasuries.
The company currently holds approximately $60 billion worth of USDC in circulation, second only to Tether (USDT). It also disclosed crypto holdings, including $6.2 million in Bitcoin (BTC) and $3.3 million in Ether (ETH).
According to the regulatory filing, Circle plans to use part of the IPO proceeds to cover tax obligations related to stock-based compensation that will vest once the IPO is complete. The rest will go toward working capital and general corporate needs.
Circle’s move comes at a pivotal time. The U.S. Senate Banking Committee recently advanced stablecoin legislation, with House votes expected in early April. President Donald Trump has voiced support for the stablecoin policy, aiming to preserve the dollar’s global standing.
“The IPO, if successful, would mark the biggest crypto listing since Coinbase’s direct offering in 2021,” noted analyst Andrew Bond of Rosenblatt Securities, who added, “Circle is positioning itself not just as a stablecoin issuer but as a core pillar of digital dollar infrastructure.”
Yet, questions remain about the company’s revenue model. With such heavy dependence on reserve yields and the lion’s share of profits flowing to Coinbase, some analysts suggest Circle must eventually diversify its business lines.
Still, the move is seen as a landmark moment for stablecoins entering the public markets. As the crypto industry matures, Circle’s IPO may test investors’ appetite for US-backed stablecoin in a world leaning toward regulatory clarity and traditional integration.
