Circle Internet Financial Files for $624 Million IPO on NYSE Amid Regulatory Clarity

Circle Internet Financial, the issuer of USDC, one of the world's largest regulated stablecoins, has filed for an initial public offering (IPO) on the New York Stock Exchange. The offering consists of 24 million shares, with 9.6 million new shares from Circle and 14.4 million shares from existing stockholders. The target price range is set between $24 and $26 per share, potentially raising $624 million if priced at the high end. The Class A common stock will be listed under the ticker “CRCL.”

The underwriter list includes prominent global financial institutions such as J.P. Morgan, Goldman Sachs, and Citigroup, with additional support from Barclays, Deutsche Bank, and others. This IPO positions Circle as the most prominent stablecoin issuer to go public in the U.S., especially amid tightening scrutiny of digital assets.

The timing of Circle’s IPO is strategic, as U.S. lawmakers are nearing the passage of the GENIUS Act, a bill that would bring long-awaited clarity to the stablecoin sector. The bill could define the next era of fiat-backed crypto assets, setting strict requirements for reserves, audits, and issuance protocols. By going public, Circle is signaling to lawmakers and investors alike that it is ready to play by the rules.

Circle faces a growing list of rivals in the stablecoin market. Earlier this year, Ripple launched RLUSD, its own stablecoin pegged to the U.S. dollar, which quickly attracted over $300 million in market cap. Rumors of Ripple acquiring Circle were swiftly denied, and insiders suggest Ripple’s offer was “too low” to be considered. Now, with both firms pushing deeper into institutional finance, competition is heating up.

Several major Wall Street banks are rumored to be collaborating on a joint stablecoin project, though details remain under wraps. This is a clear sign that traditional finance is preparing to challenge crypto-native incumbents like Circle and Tether. Arthur Hayes, BitMEX co-founder, has suggested that these new entrants could erode the market share of existing players if they offer stablecoins with built-in compliance rails and banking partnerships.

According to a recent Citigroup research note, the stablecoin market could reach $1.6 trillion by 2030. That’s over 10x growth from today’s levels. Circle is betting that its IPO and transparent operations will attract more institutional partners, especially those looking for a fully regulated, fiat-backed digital dollar. Its flagship stablecoin, USDC, is already integrated into Coinbase and Robinhood, global fintech services, and DeFi platforms like Aave, Compound, and Uniswap. With billions in circulation, USDC has become a critical liquidity layer in Web3, centralized finance, and cross-border transactions.

Public investors will expect more than just token issuance. Circle must demonstrate profitability, scalability, and defensibility in an increasingly competitive market. According to internal filings, Circle has invested heavily in infrastructure, compliance, and ecosystem partnerships. However, questions remain about whether USDC can regain its lost market share, maintain transparency while satisfying Wall Street expectations, and handle DeFi risks, CBDC emergence, and potential government-backed alternatives. Going public raises the bar—and puts Circle under the microscope. But if executed well, this IPO could cement its role as the central pillar of U.S.-based stablecoin innovation.