#CircleIPO

**Circle Files for IPO, Aims to List on NYSE Amid Crypto Regulatory Shifts**

Stablecoin giant Circle Internet Financial has filed for an initial public offering (IPO) with the SEC, targeting a valuation of up to $5 billion. The company, issuer of the USDC stablecoin, plans to list on the New York Stock Exchange under the ticker “CRCL” in late April or June 2025, with JPMorgan Chase and Citigroup leading the underwriting. This marks Circle’s second attempt to go public after a failed SPAC merger in 2022.

Circle reported $1.68 billion in 2024 revenue, a 16% year-over-year increase, driven by interest income from USDC’s $60 billion reserves in Treasury bonds and cash equivalents. However, net income fell to $156 million due to rising operational costs and a $908 million payout to partner Coinbase, which shares 50% of USDC revenue. The IPO arrives amid a favorable regulatory climate under the Trump administration, which has prioritized crypto-friendly policies, including proposed stablecoin legislation.

USDC, the second-largest stablecoin, holds a 26% market share but faces intensifying competition from Tether, PayPal’s PYUSD, and Ripple. Analysts suggest Circle’s public listing could legitimize stablecoins for institutional adoption while pressuring regulators to formalize oversight. Despite risks—such as reliance on interest rates and market volatility—Circle’s move signals crypto’s deepening integration with traditional finance.

The offering positions Circle as a bellwether for crypto’s mainstream acceptance, with rivals like Kraken and Gemini also eyeing public debuts.