Circle Files for $5 Billion IPO Amid Stablecoin Boom

Circle, the issuer of USDC, the world’s second-largest stablecoin, has officially filed for an IPO on the New York Stock Exchange (NYSE) under the ticker CRCL. The offering, led by JPMorgan Chase and Citigroup, is targeting a $5 billion valuation.

This marks a major comeback for Circle, which previously faced setbacks, including the SVB crisis and the collapse of Silvergate, events that nearly destabilized the company. A prior SPAC merger attempt in 2022 was scrapped due to regulatory hurdles.

Circle’s 2024 revenue and reserve income reached $1.68 billion, up from $1.45 billion in 2023 and $772 million in 2022. However, net income declined to $156 million in 2024, down from $268 million the previous year.

USDC’s market cap has surged 36% this year, now representing 26% of the stablecoin market. With a favorable U.S. regulatory environment, stablecoins are emerging as a fast, friction-free alternative for transactions, positioning Circle at the forefront of this financial shift.