Circle, the issuer of the USDC stablecoin, has officially filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). The listing is planned to take place on the New York Stock Exchange.
This is reported by Business • Media
We remind you that earlier media reports indicated Circle’s intention to file for an IPO by the end of April. Experts estimate that by 2024, the company’s valuation will rise to $5 billion, driven by interest in its shares on the secondary market.
In its filing, Circle stated that there are $60 billion worth of stablecoins in circulation. The main underwriters for the IPO are JPMorgan Chase and Citigroup, which have assisted the company in preparing for this important milestone.
“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 around the world to shape and develop this new internet financial system,” emphasized Circle CEO Jeremy Allaire.
Additionally, according to financial reports, Circle’s revenue for 2024 was $1.68 billion, an increase compared to $1.45 billion in 2023. The company’s net profit reached $156 million, although it was $268 million in 2023.
Jeremy Allaire noted that stablecoins have significant potential to become a primary means of payment globally, as there is a growing interest in such coins from companies specializing in online payments and financial services.
It was also reported that investment banks such as Morgan Stanley, Bank of America Corp., and the Royal Bank of Canada (RBC) expect a boom in cryptocurrency IPOs and plan to increase their investments in this segment. At the beginning of March 2025, the Gemini exchange also submitted a confidential IPO application in the U.S.