Stablecoin issuer Circle is gearing up for a long-anticipated public listing, enlisting the support of Wall Street heavyweights JPMorgan Chase and Citi ahead of an expected IPO filing in late April.
The company behind the USD Coin (USDC), the second-largest dollar-pegged stablecoin by market cap, has reportedly tapped the banks to lead its offering, with sources familiar confirming the partnership.
Circle aims to submit its public S-1 filing with the U.S. Securities and Exchange Commission within weeks, but the timeline may shift depending on market and regulatory conditions. If all goes according to plan, shares could begin trading as early as May or June.
Circle Gearing Up For Public Listing
The firm is reportedly targeting a valuation in the range of $4 billion to $5 billion.
This push toward the public markets comes after Circle’s previous efforts to go public fell short. In 2021, it announced a SPAC merger with Concord Acquisition Corp, initially valuing the company at $4.5 billion.
That deal was later amended to reflect a $9 billion valuation before being scrapped in late 2022 amid crypto market turbulence and pressure from the SEC. A confidential IPO filing followed in 2024, indicating that the company never abandoned its public ambitions.
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Circle’s renewed efforts to go public coincide with a broader trend of cryptocurrency companies preparing to enter public markets.
This trend is happening under a U.S. administration that has adopted a more supportive stance towards digital assets, with President Trump openly supporting crypto innovation and promising to establish the U.S. as the global leader in the cryptocurrency space.
For example, Tether is eyeing a US domestic stablecoin, but it would require a different operating model tailored to US regulations. The company is also looking to get an audit from some of the world’s largest auditing firms, such as Deloitte.
Cryptocurrency exchanges like Gemini and Kraken, as well as custodians like BitGo, are also exploring similar moves towards going public.
In the months leading up to the IPO, Circle made important moves to appeal to traditional finance investors. Last year, it relocated its global headquarters from Boston to New York’s One World Trade Center—a symbolic step toward deeper integration with mainstream financial markets.
