From Crypto to Wall Street: Circle's Bold NYSE Listing Plan

TLDR

Table of Contents

Circle, issuer of the USDC stablecoin, has filed for an IPO and plans to list on the New York Stock Exchange under symbol CRCL
The company aims for a $4-5 billion valuation with JPMorgan Chase and Citigroup as lead underwriters
Circle reported $1.68 billion in revenue for 2024, up from $1.45 billion in 2023, with net income of $156 million
This marks Circle’s second attempt at going public after a SPAC merger collapsed in 2022
The IPO comes amid a more crypto-friendly U.S. regulatory environment, with potential stablecoin legislation expected this year

Circle, the company behind the USDC stablecoin, has filed for an initial public offering (IPO) with the Securities and Exchange Commission. The firm plans to list on the New York Stock Exchange under the ticker symbol “CRCL,” marking a key moment for cryptocurrency companies in traditional financial markets.

JPMorgan Chase and Citigroup will serve as lead underwriters for the offering. The company is reportedly seeking a valuation between $4 billion and $5 billion, according to sources familiar with the matter.

This IPO attempt comes after Circle’s previous effort to go public through a special purpose acquisition company (SPAC) fell apart in late 2022. That deal collapsed amid regulatory challenges that were common during that period for crypto-related businesses.

Circle has made strategic moves to position itself within the traditional financial ecosystem. Last year, the company relocated its headquarters from Boston to One World Trade Center in New York, placing it physically closer to Wall Street institutions.

Financial Performance

The company’s financial documents show solid growth in recent years. 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.

Net income for 2024 stood at approximately $156 million. This represents a decrease from the $268 million reported in 2023, though the company remains profitable.

USDC, Circle’s dollar-pegged stablecoin, holds the position of second-largest stablecoin by market capitalization. It currently has around $60 billion in circulation, representing about 26% of the total stablecoin market.

USDC has shown stronger growth than market leader Tether in recent months. Circle’s stablecoin has increased its market cap by 36% this year, compared to Tether’s more modest 5% growth during the same period.

Market Timing

Circle will be entering the public markets during a period of volatility for technology stocks. The Nasdaq recently completed its worst quarterly performance since 2022, and the tech IPO market has been relatively quiet for over three years.

However, there are signs of renewed activity in the IPO space. Companies including online lender Klarna, digital health provider Hinge Health, and ticketing marketplace StubHub have all filed their prospectuses recently.

If successful, Circle would become one of the most prominent pure-play crypto companies listed on a U.S. exchange. Currently, Coinbase, which went public through a direct listing in 2021, holds that distinction with a market cap of approximately $44 billion.

Coinbase has a revenue-sharing agreement with Circle, splitting 50% of USDC revenue. On a recent earnings call, Coinbase CEO Brian Armstrong mentioned the company has a “stretch goal to make USDC the number 1 stablecoin.”

Regulatory Environment

The timing of Circle’s IPO filing coincides with what many perceive as an improving regulatory landscape for cryptocurrency in the United States. The stablecoin sector in particular has been gaining momentum as industry participants believe 2025 could bring the first piece of U.S. legislation focused specifically on stablecoins.

President Donald Trump has expressed support for stablecoin legislation. He has stated that he hopes lawmakers will pass such legislation and send it to his desk before Congress takes its August recess.

Stablecoins have become an increasingly important part of the cryptocurrency ecosystem. The overall stablecoin market has grown approximately 11% so far this year and about 47% over the past twelve months.

These digital assets are primarily used for trading and as collateral in decentralized finance applications. Market analysts often monitor stablecoin activity as an indicator of overall crypto market health and liquidity.

Circle’s public offering could open doors for other cryptocurrency companies considering similar moves. Reports suggest that Ripple, despite its ongoing regulatory challenges, may also be exploring the possibility of going public in the near future.

The stablecoin issuer’s IPO represents a maturing of the cryptocurrency industry as it seeks to integrate with traditional financial markets while maintaining its innovative edge in digital finance.

Stay Ahead of the Market with Benzinga Pro!

Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders: