Circle Files for NYSE Listing as USDC Market Cap Reaches $60 Billion

TLDR

• Circle, the company behind USDC stablecoin, has filed for an IPO aiming to list on NYSE under ticker “CRCL”
• JPMorgan and Citigroup are leading the IPO with a valuation target of $4-5 billion
• Circle reported $1.68 billion in revenue for 2024 and $156 million in net income
• This marks Circle’s second IPO attempt after a failed SPAC merger in 2022
• The move comes amid improved regulatory climate for crypto under the Trump administration

Circle, the company behind the USDC stablecoin, has filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). The company plans to list on the New York Stock Exchange under the ticker symbol “CRCL” with JPMorgan Chase and Citigroup serving as lead underwriters.

This marks Circle’s second attempt to go public. In 2021, the company tried to enter public markets through a merger with a special purpose acquisition company (SPAC). That deal collapsed in late 2022 due to regulatory challenges and timing issues with the SEC.

The IPO filing comes during a time of growth for the stablecoin market. USDC is the second-largest stablecoin by market cap with about $60 billion in circulation, representing roughly 26% of the total stablecoin market.

Circle has positioned itself closer to global finance since its failed SPAC attempt. The company moved its headquarters from Boston to One World Trade Center in New York as part of this strategy.

Financial Performance

Circle reported $1.68 billion in revenue and reserve income for 2024. This marks an increase from $1.45 billion in 2023 and $772 million in 2022.

The company posted net income of about $156 million for 2024. This represents a decline from the $268 million reported in 2023.

The IPO is expected to value Circle between $4 billion and $5 billion. This valuation is lower than the $9 billion figure from February 2022 when Circle revised its SPAC merger terms.

Most of Circle’s revenue comes from interest generated by the assets backing USDC. According to unaudited financial statements from early 2023, interest income generated 99% of the firm’s revenue.

USDC’s market cap has grown 36% this year. This growth outpaces the 5% growth seen by market leader Tether during the same period.

Regulatory Environment

The timing of Circle’s IPO aligns with a shift toward more crypto-friendly regulations in the United States. President Donald Trump has taken a pro-crypto stance since taking office.

Trump has stated he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess. This potential regulation has boosted confidence in the stablecoin sector.

The U.S. Senate Banking Committee advanced a stablecoin bill in March 2025. The House is expected to vote on their version in early April, creating momentum for the sector.

This improved regulatory outlook has given more assurance to firms in the crypto space. Circle now has a chance to conduct operations under a more friendly regulatory environment.

The stablecoin market has grown about 11% so far this year and about 47% in the past year. Bernstein has described this sector as a “systemically important” part of the crypto market.

Competitive Landscape

A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase, which went public through a direct listing in 2021, has a market cap of about $44 billion.

Circle isn’t alone in its public listing ambitions. Ripple, another major blockchain player, is reportedly considering going public despite ongoing regulatory scrutiny from the SEC.

The stablecoin space has become increasingly crowded. A number of both crypto and traditional financial firms have launched their own stablecoins, including Ripple and PayPal. Reports suggest Fidelity is also exploring entering the market.

Coinbase has a close relationship with Circle and USDC. The crypto exchange has an agreement to share 50% of the revenue from USDC, earning $225.9 million from this arrangement in Q4 2024.

Coinbase CEO Brian Armstrong has stated a “stretch goal to make USDC the number 1 stablecoin.” This partnership could help USDC compete against Tether, which currently holds 67% of the stablecoin market.

Circle faced challenges in March 2023 when it revealed that $3.3 billion of its reserves were stuck at the failing Silicon Valley Bank. USDC briefly lost its $1 peg but recovered after regulators stepped in to backstop the bank.

Despite this setback, USDC’s market cap has recovered and now sits at an all-time high of around $60 billion. This recovery demonstrates market confidence in the stablecoin and Circle’s management.

The IPO market has shown signs of improvement in 2025. So far this year, 73 companies have gone public on U.S. exchanges, a 70% increase from 2024, with the total value reaching $11.8 billion.

Several well-known companies have filed to go public alongside Circle. These include eToro, StubHub, and Klarna, suggesting a broader reopening of the IPO market after a quiet period.

Circle’s public debut will occur as tech stocks face volatility. The Nasdaq recently wrapped up its steepest quarterly drop since 2022, creating a challenging environment for new tech listings.