Circle Internet Financial, the creator of the USDC stablecoin, is planning for an Initial Public Offering (IPO), with advice from renowned financial institutions such as JPMorgan Chase and Citigroup, according to Fortune’s report, based on information provided by two individuals involved in the discussions.
Stablecoin Issuer Circle Reportedly Advances IPO Plans With Wall Street Banks
The Boston-rooted financial innovator intends to unveil IPO documentation publicly by late April 2025, targeting a market debut approximately one month later, though plans remain adaptable. A Fortune report notes that this endeavor represents Circle’s renewed ambition to enter public markets after a 2021 SPAC merger unraveled amid regulatory complexities and crypto-sector turbulence.
In January 2024, the company quietly submitted preliminary paperwork for a traditional IPO. It’s expected to disclose financial details soon, particularly emphasizing its heavy reliance on earnings from USDC reserves. According to Fortune, this dependence was quite significant in 2023, with nearly all income derived from interest earned on these holdings. This situation has drawn attention due to concerns about the company’s revenue diversity.
Journalists Luisa Beltran and Leo Schwartz from Fortune note that Circle is aiming for a valuation of around $4 billion to $5 billion, which represents a significant drop compared to its previous high of $9 billion during the failed Special Purpose Acquisition Company (SPAC) venture. Deals in 2023 estimated the company’s worth at close to $5 billion, while their flagship product, USDC, has now surpassed a market capitalization of $60 billion.
USDC currently trails tether ( USDT) as the globe’s second-most prominent stablecoin. Launched in 2013, Circle has secured $1.1 billion from backers, including Blackrock and Coinbase, which splits USDC revenue. The IPO could emerge as the most significant crypto-sector listing since Coinbase’s 2021 entrance. Meanwhile, digital asset platform Kraken eyes its own public offering in early 2026.
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2025-03-31 19:00