Stablecoin issuer Circle, known for USDC, is moving forward with its initial public offering (IPO), marking a significant milestone in the crypto industry’s integration with traditional finance. The company has filed under the JOBS Act, with JPMorgan Chase and Citigroup leading the underwriting process. The IPO is expected to be one of the biggest crypto-to-Wall-Street transitions of the year, with Circle aiming for a valuation between $4 billion and $5 billion.
IPO comes at a time of economic uncertainty, with market volatility heightened by Trump’s recent trade policies. The company initially filed for an IPO in January 2024, keeping the details undisclosed until its April 1, 2025 public registration.
The firm’s revenue reached $1.68 billion in 2024, with 99% of its earnings coming from interest generated by USDC reserves. This heavy reliance on reserve income raises concerns about sustainability, especially if interest rates decline.
Despite these concerns, Circle remains optimistic about its market position. The company’s USDC stablecoin has seen widespread adoption, particularly in decentralized finance (DeFi) and institutional transactions.
Circle’s IPO aligns with the U.S. push for stablecoin regulation, with Congress set to vote on a new stablecoin bill that could impact the company’s operations.
Circle’s IPO will be listed on the New York Stock Exchange (NYSE) under the ticker CRCL, with shares expected to begin trading within weeks of the filing. The company’s partnership with Coinbase, which holds a minority stake in Circle, further strengthens its market position. If successful, Circle’s IPO could set a precedent for other crypto firms seeking public listings.
Shogun Lin
