Stablecoin Giant Circle files for IPO

This article was originally published on PitchBook.com.

Circle, the company behind the popular stablecoin USDC, has filed to go public on the New York Stock Exchange under the ticker CRCL, according to a regulatory filing on Tuesday.

Circle’s long-rumored IPO will be closely watched by the crypto industry as it hopes for a favorable listing environment.

“For VCs, strong demand for Circle’s listing could serve as a proof point that there is a viable exit path for crypto investments via traditional public markets—a shift that might encourage additional capital inflows into crypto startups,” said Robert Le, senior analyst at PitchBook. The company has raised $1.2 billion in total venture funding, according to PitchBook data.

The company had $155.7 million in net income on $1.7 billion in revenue in 2024. In 2023, Circle had $267.6 million in net income on $1.5 billion in revenue. Nearly all of its revenue (at least for the last three years) has come from its stablecoin-related reserves.

As of March 28, USDC’s onchain transaction volume reached over $25 trillion, according to Circle. The stablecoin network is available in more than 185 countries, and more than 500 million end-user wallets have access to USDC.

The company is also touting its enterprise business, disclosing that it has more than 500 partners and 400 smart contracts using USDC. There are now 19 blockchains with USDC natively built in, facilitating $40 billion in transactions since April 2023.

“We expect it to price above the rumored $4 billion-$5 billion range, signaling to investors that stablecoin-focused enterprises may be poised for mainstream adoption,” added Le.

Its major shareholders include Accel, General Catalyst, Breyer Capital, IDG Capital, Oak Investment Partners, and Fidelity Investments.

This isn’t the first time Circle has gone down the public path, initially planning to merge with a special-purpose acquisition company at a $9 billion valuation in 2021 before scrapping the plans the next year.