Circle Internet Financial, the issuer of the USDC stablecoin, recently submitted a request for an initial public offering (IPO) on the New York Stock Exchange under the symbol "CRCL".

Key Financial Details:

- Revenue: Reached $1.68 billion in 2024, up from $1.45 billion the previous year.

- Net Income: Decreased to $156 million in 2024 compared to $268 million in 2023, due to increased operating costs and payments to partners like Coinbase.

Partnerships and Costs:

Documents show that Circle paid over $1 billion in distribution costs in 2024, with $908 million allocated to Coinbase.

Expected Valuation:

Circle is seeking a valuation between $4 billion and $5 billion through this offering.