Circle Files for IPO on NYSE, Aiming for Greater Transparency in Stablecoin Market

Circle Internet Group, the issuer behind the widely used USDC stablecoin, has submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC) in preparation for an initial public offering (IPO).

According to the filing, Circle intends to list its shares on the New York Stock Exchange under the ticker symbol CRCL.

JP Morgan has been appointed as the lead left active bookrunner for the offering, while Citigroup will serve as the lead right active bookrunner, a company statement on Tuesday confirmed. In IPOs, bookrunners act as underwriters, helping institutions issue new financial products.

"For Circle, becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible," said Circle’s CEO and co-founder, Jeremy Allaire, in the filing. "We are building what we believe to be critical infrastructure for the financial system, and we seek to work with leading companies and governments around the world in shaping and building this new internet financial system."

The prospectus did not disclose how many shares will be offered or the target price for the IPO.

Financial data from the filing shows that Circle generated $1.67 billion in revenue in 2024, reflecting a 16% year-over-year increase. However, net income for the year fell 41.8% to $155.6 million compared to 2023. In contrast, the company had reported a net loss of $761.7 million in 2022.

Loading tweet...

USDC, which launched in 2018 through the Centre consortium formed by Circle and crypto exchange Coinbase, has become one of the most significant stablecoins in the market. Coinbase, which went public in 2021, acquired an equity stake in Circle in August 2023 following the consortium’s dissolution.

The filing also revealed that Circle paid nearly $908 million to Coinbase in 2024 as part of its distribution partnership, enabling USDC to be traded on the exchange. This substantial expense means Coinbase earns more from USDC than Circle does, noted Agora CEO Nick van Eck in an X post.

The high distribution costs contributed to Circle’s rising revenue but declining earnings before interest, taxes, depreciation, and amortization (EBITDA), as well as its lower net income in 2024, explained Matthew Sigel, head of digital asset research at VanEck, in an X post.

Loading tweet...

USDC is a major player in the cryptocurrency space, ranking as the seventh-largest digital asset and the second-largest stablecoin, with a market capitalization of $60.1 billion, according to CoinGecko data. Over the past 24 hours, $6.9 billion worth of USDC has been traded, making it the fourth-most traded cryptocurrency by volume.

Stablecoins have been a focal point in the crypto industry, particularly since President Donald Trump took office in January. Lawmakers are currently debating how to regulate them, with multiple legislative proposals under consideration.

Circle’s path to going public has been years in the making. The company initially attempted to enter the public market via a special purpose acquisition company (SPAC) in 2022 but later abandoned those plans. Speculation about a renewed IPO effort surfaced last year.