Circle Upsizes IPO to $880M, 47% Over Prior Targets on Strong Stablecoin Demand

Circle Internet Group, the issuer of the USD Coin (USDC) stablecoin, has increased the proposed scale of its initial public offering (IPO) to raise $880 million. The company plans to issue 32 million shares at a price range of $27 to $28 per share, up from an earlier proposal of 24 million shares priced between $24 and $26. Sixty percent of the offering consists of secondary shares, indicating strong investor interest in the digital asset sector. At the midpoint of the revised price range, the fundraising amount surpasses prior expectations by 47%. A new investor has expressed intent to purchase $150 million of the offering, representing 17% of the total.

Circle operates one of the world’s largest stablecoin networks, anchored by USDC, a dollar-pegged digital currency. As of March 31, 2025, USDC’s circulating supply reached $60.1 billion, supporting over 4.9 million active wallets. The company’s ecosystem spans stablecoin infrastructure, reserve management, blockchain tools, and developer platforms, serving institutions and end-users globally. Through partnerships and integrations, Circle’s network now reaches over 600 million users worldwide, underscoring its role as a bridge between traditional finance and decentralized systems.

The IPO revision reflects growing investor confidence in stablecoins as critical infrastructure for decentralized finance and institutional crypto adoption. Circle’s compliance-first approach, including transparent reserve management and collaboration with traditional financial institutions like JPMorgan and Citigroup, has positioned it as a trusted player in a sector facing heightened regulatory scrutiny. The offering’s upward adjustment—driven by higher share volume and pricing—aligns with resilient demand for crypto-related equities amid market volatility.

Proceeds from the IPO will fund expansion into emerging markets, deepen institutional partnerships, and enhance technology to support scalability and security. The company’s 12-month revenue through March 2025 totaled $1.9 billion, highlighting its growth trajectory. The offering, led by underwriters including Goldman Sachs and Barclays, is expected to price during the week of June 2, 2025, with shares set to trade on the New York Stock Exchange under the ticker CRCL.

Analysts note the timing of the upsized offering coincides with improved sentiment toward digital asset companies, following a period of consolidation in 2024. While regulatory risks persist, Circle’s focus on compliance and its role in stabilizing blockchain ecosystems have mitigated investor concerns. The decision to increase the IPO size underscores a strategic bet on sustained demand for firms driving financial innovation at the intersection of digital currencies and traditional markets.

Circle’s successful execution of this offering could set a precedent for future stablecoin-related IPOs, signaling public markets’ willingness to back infrastructure providers in the digital finance space. The company’s ability to secure capital at this scale reflects not only its technical and operational strengths but also the evolving recognition of stablecoins as foundational tools for global financial systems.