Circle Files for IPO, Targets $4B-$5B Valuation, Aims to List on NYSE

Circle, the issuer of the USD Coin (USDC) stablecoin, has officially filed for an Initial Public Offering (IPO). The company, which has been a significant player in the digital asset space, is expected to publicly list its shares on the New York Stock Exchange under the symbol "CRCL." This move marks Circle's second attempt to go public, following a failed 2021 effort to list via a merger with a special purpose acquisition company (SPAC). The deal collapsed in late 2022 due to heightened regulatory scrutiny and a downturn in digital assets following the implosion of FTX.

Circle has hired prominent banks, including JPMorgan and Citi, to lead the IPO process. The company is targeting a valuation in the range of $4 billion to $5 billion, which is lower than the $9 billion valuation set during its abandoned SPAC deal. The exact timeline for the listing remains uncertain, but a public filing would reveal the company’s financial performance and proposed ticker for the first time.

USDC has become a key player in the crypto ecosystem, widely used for payments, trading, and decentralized applications. After peaking above $50 billion in market cap in 2022, USDC saw a sharp drop following the Silicon Valley Bank crisis in early 2023, when $3.3 billion of Circle’s reserves were briefly inaccessible. The stablecoin temporarily lost its dollar peg but quickly recovered after federal intervention. As of March, USDC’s market cap has reached a new high near $60 billion. However, Circle faces questions about the breadth of its revenue streams. According to unaudited financial figures seen by industry sources, nearly all of the company’s income in early 2023 came from interest on reserve assets, such as US Treasuries and cash equivalents.

The IPO comes as the US IPO landscape shows signs of recovery. So far in 2025, public listings on American exchanges are up significantly compared to last year. Circle may also benefit from growing political momentum around stablecoin regulation. The Senate Banking Committee advanced legislation earlier this month, and the House is expected to follow suit in April. Meanwhile, President Donald Trump has publicly supported digital assets and signaled his intent to sign stablecoin legislation by summer.

However, Circle will not be alone in the market. Competing stablecoins have launched from traditional financial firms and crypto companies alike, including offerings from PayPal, Ripple, and potentially Fidelity. This increased competition could pose challenges for Circle as it seeks to maintain its market position and attract investors.