Circle, known as the issuer of the USDC stablecoin, has officially filed an application with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). This significant event marks Circle’s plans to list its shares on the New York Stock Exchange.
This is reported by Finway
It is worth noting that media previously reported on Circle’s intention to file for an IPO at the end of April. According to experts, the company was valued at $5 billion in 2024, resulting from an analysis of shares traded on the secondary market.
Financial Performance and Partnership
In its filing, Circle stated that the number of stablecoins in circulation has reached $60 billion. The main underwriters for the IPO will be JPMorgan Chase and Citigroup, who will assist the company in raising capital as it prepares for the process.
“For Circle, becoming a public corporation on the New York Stock Exchange means continuing our commitment to maximum transparency and accountability. We are building critical infrastructure for the financial system and aim to collaborate with leading companies and governments worldwide to shape and develop this new internet financial system,” emphasized Circle CEO Jeremy Allaire.
Prospects for Stablecoin Development
In 2024, Circle’s revenue amounted to $1.68 billion, while in 2023 it was $1.45 billion. The company’s net profit reached $156 million, a decrease compared to $268 million in 2023. Allaire believes that stablecoins have the potential to become a primary means of payment globally, especially considering the growing interest in these coins from financial service providers.
It was previously reported that Wall Street investment banks, including Morgan Stanley, Bank of America Corp., and the Royal Bank of Canada (RBC), expect a boom in IPOs for crypto companies and plan to increase their stakes in this segment. For instance, at the beginning of March 2025, the Gemini exchange also confidentially filed for an IPO in the U.S.