Circle, the issuer of the world's second-largest stablecoin, USDC, has officially filed for an IPO.
The company will list on the New York Stock Exchange trading under the ticker symbol CRCL. JPMorgan Chase and Citigroup have been hired as lead underwriters for the offering, which is targeting a $5 billion valuation.
It's a remarkable turnaround for the company, which has survived numerous challenges, including the SVB crisis and collapse of Silvergate, which almost broke the company. A previous attempt at going public via a Spac merger fell apart in 2022 due to numerous regulatory challenges.
Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier.
USDC's market cap has grown 36% this year, making up about 26% of the total market cap for stablecoins, which are having their moment in the sun owing to a favourable regulatory environment in the US and confidence in their relevance as a fast, fiction-free medium of exchange.