Circle Internet Financial, the company behind the popular USDC stablecoin, is making a second attempt at going public—this time targeting a valuation of up to $6.71 billion in what could become one of the most significant crypto listings since the 2021 debut of Coinbase.
The New York-based fintech firm announced on Tuesday that it plans to raise up to $624 million in its initial public offering (IPO) by offering 24 million shares at a price range of $24 to $26 per share. According to the filing, Circle itself will offer 9.6 million shares, while existing shareholders—including venture capital giants Accel and General Catalyst—will offload 14.4 million shares.
The stock is expected to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.”
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The IPO marks a return to public markets for Circle, which had previously attempted to go public via a $9 billion merger with Concord Acquisition Corp., a special purpose acquisition company (SPAC) backed by former Barclays CEO Bob Diamond. That deal, however, collapsed in late 2022 amid a broader market cooldown and increased regulatory scrutiny.
Now, Circle appears to be re-entering a more favorable market landscape. Under President Donald Trump’s administration, cryptocurrency policy has softened. The government has pledged a more “rational” and pro-innovation approach to digital asset regulation, creating a more welcoming environment for crypto companies to tap the public markets.
“The outlook for crypto IPOs is better than at any point in the past 3 years or so,” said Matt Kennedy, senior strategist at Renaissance Capital, a firm that tracks IPO activity. “A combination of policy clarity, investor interest, and easing global trade tensions is reviving appetite for public listings.”
Kennedy’s comments reflect broader optimism fueled by progress in U.S. trade talks with key partners, which has helped calm the stock market and encouraged companies like Circle to proceed with long-delayed IPO plans.
A Strategic Backer and Changing Market Expectations
Cathie Wood’s ARK Investment Management has indicated plans to invest as much as $150 million in Circle’s IPO—an endorsement that could attract additional institutional attention. Wood’s firm has been one of the most aggressive institutional investors in the crypto space, and her support is often viewed as a bellwether for sentiment in the digital asset sector.
While the $6.71 billion valuation falls short of the $9 billion Circle was once eyeing, analysts say the new figure is a more accurate reflection of current market realities.
“Circle now returning to the public markets indicates regained confidence — but at a 25% lower valuation, which reflects more realistic market conditions and less frothy expectations,” said Bo Pei, an analyst at US Tiger Securities.
According to the IPO filing, Circle posted net income of $155.7 million in 2024, a decline from the $267.5 million it earned in 2023. However, its revenue and reserve income increased to $1.68 billion in 2024, up from $1.45 billion the previous year. The company earns much of its revenue from interest on reserves backing its stablecoins.
These numbers paint a picture of a still-profitable company with room to grow, particularly as regulatory clarity improves and institutional adoption expands.
Dominance in the Stablecoin Market
Founded in 2013, Circle is best known as the issuer of USD Coin (USDC), a stablecoin pegged 1:1 to the U.S. dollar. USDC has become a cornerstone of the crypto economy, used widely in decentralized finance (DeFi), cross-border payments, and institutional settlements. With a market capitalization of over $60 billion, it is the second-largest stablecoin behind only Tether (USDT), according to data from crypto analytics platform CoinGecko.
In addition to USDC, Circle also issues a euro-pegged stablecoin, EURC, as part of its strategy to expand stablecoin use into traditional financial markets and new geographic regions.
The IPO also comes at a time when stablecoins are receiving increasing attention from U.S. lawmakers. A new stablecoin regulatory bill is progressing through the U.S. Senate and could set the framework for how companies like Circle operate going forward. Analysts believe such legislation could speed up mainstream adoption of stablecoins and further integrate them into the financial system.
J.P. Morgan recently projected that the market size for stablecoins could grow to between $500 billion and $750 billion in the coming years, a leap from the current market size of around $160 billion.
Circle’s IPO is being underwritten by a consortium of major Wall Street banks including J.P. Morgan, Citigroup, and Goldman Sachs. Their involvement adds another layer of credibility to the listing and underscores the growing interest among traditional financial institutions in digital asset markets.
The listing is expected to draw comparisons to Coinbase Global’s blockbuster IPO in 2021, which was heralded as a coming-of-age moment for the crypto industry. More recently, Galaxy Digital, a crypto investment firm led by Mike Novogratz, also went public on the Nasdaq, adding to a small but growing list of digital asset companies trading on major U.S. exchanges.
What’s at Stake?
For Circle, a successful IPO could unlock capital to scale operations, develop new products, and solidify its leadership in the stablecoin market—especially as regulators move toward establishing clearer rules. For the broader crypto sector, the IPO represents a barometer of investor confidence at a time when the industry is still recovering from the shocks of past collapses and scandals.
If successful, the offering could pave the way for more digital asset firms to enter the public markets and bring new scrutiny, and potentially, legitimacy, to a sector that has long operated in regulatory gray zones.
With strong institutional backing, growing regulatory clarity, and a massive role in the global crypto economy, Circle’s IPO may signal not just a revival in crypto listings—but a shift in how digital finance integrates with traditional capital markets.
