After enduring numerous delays and a failed SPAC merger, Circle is finally progressing toward a traditional IPO, teaming up with JPMorgan and Citi to lead what could become the largest crypto listing since Coinbase, as reported on March 31 by sources familiar with the situation.
The company, recognized for its USD Coin (USDC) stablecoin, is anticipated to publicly file its IPO documentation by the end of April.
While the specific timing for the listing remains unclear, this public filing will unveil the company’s financial status and proposed ticker symbol for the first time.
This action signifies Circle’s return to public markets after a previous attempt in 2021 fell through.
The company had earlier sought to go public through a merger with a special purpose acquisition company (SPAC), but that agreement fell apart in late 2022 due to increased regulatory scrutiny and a downturn in digital assets following the collapse of the FTX crypto exchange.
Investor scrutiny
USDC has solidified its position as a vital part of the crypto ecosystem, widely utilized for payments, trading, and decentralized applications.
Reaching a market capitalization of over $50 billion in 2022, USDC experienced a significant decline during the Silicon Valley Bank crisis in early 2023, when $3.3 billion of Circle’s reserves became temporarily inaccessible.
The stablecoin briefly lost its dollar peg but quickly regained stability after government intervention. As of March, USDC’s market cap has climbed to a new high of nearly $60 billion. Nonetheless, Circle is facing scrutiny regarding the diversity of its revenue streams.
Industry sources indicate that, according to unaudited financial data, almost all of the company’s income in early 2023 was derived from interest on reserve assets, such as US Treasuries and cash equivalents.
Coinbase, a key ally in the issuance of USDC, generated more than $225 million in revenue related to USDC during the last quarter of 2024 alone.
Circle’s goal for its latest valuation is reportedly between $4 billion and $5 billion, a decrease from the $9 billion valuation established during its halted SPAC deal.
Reports suggest that the company’s shares last traded on private markets at about $5 billion.
IPO momentum builds
The impending offering coincides with a resurgence in the US IPO landscape. Thus far in 2025, public listings on American exchanges have markedly increased compared to the previous year, with over 70 companies debuting and raising close to $12 billion.
Circle may also gain from the rising political momentum surrounding stablecoin regulation.
The Senate Banking Committee advanced relevant legislation earlier this month, with similar action anticipated from the House in April. Meanwhile, President Donald Trump has voiced his support for digital assets and indicated his intention to sign stablecoin legislation by summer.
However, Circle will have competition in the market. Other stablecoins are emerging from both traditional financial institutions and crypto companies, including offerings from PayPal, Ripple, and potentially Fidelity.
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