On April 2, 2025, Circle, the world's second-largest stablecoin USDC issuer, officially submitted its IPO application to the NYSE (code CRCL), aiming for a valuation of $4-5 billion, with plans to raise $750 million, led by JPMorgan and Citigroup. This move comes as U.S. stablecoin legislation accelerates (such as the passage of the GENIUS Act in the Senate), with an improved regulatory environment endorsing its compliance advantages.

In recent years, Circle has narrowed the gap with Tether by strengthening transparency and institutional partnerships (such as expanding USDC use cases with Visa and Binance), with a current USDC circulation of $60 billion and projected revenue of $1.7 billion in 2024. If the IPO is successful, it will accelerate its challenge to USDT's dominance and promote the institutionalization of the stablecoin sector, becoming a key node in the integration of the cryptocurrency industry with traditional finance.