Circle, the issuer of the world’s second-largest stablecoin, USDC, has officially filed for an IPO.
The company plans to list on the New York Stock Exchange under the ticker symbol CRCL. JPMorgan Chase and Citigroup have been appointed as lead underwriters for the offering, targeting a valuation of $5 billion.
This move signifies a remarkable turnaround for Circle, which has faced numerous challenges, including the SVB crisis and the collapse of Silvergate that nearly jeopardized the company. A previous attempt to go public via a SPAC merger fell through in 2022 due to various regulatory hurdles.
In terms of financial performance, Circle reported $1.68 billion in revenue and reserve income for 2024, an increase from $1.45 billion in 2023 and $772 million in 2022. The company recorded a net income of approximately $156 million last year, down from $268 million the previous year.
USDC’s market cap has experienced a 36% increase this year, now accounting for about 26% of the total stablecoin market cap. This growth comes during a favorable regulatory environment in the US, enhancing confidence in stablecoins as an efficient, frictionless medium of exchange.