USDC Issuer Circle Moves Closer to Wall Street with April IPO Plans

According to its S-1 registration statement filed on April 1, Circle plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol “CRCL.” While the exact number of shares to be issued and the pricing range have not been disclosed, the IPO is expected to be one of the most closely watched public offerings in the crypto space this year.

This latest development marks a new chapter in Circle’s years-long effort to become a publicly traded company. The firm previously attempted to go public in 2021 via a SPAC deal with Concord Acquisition Corp, but that deal was mutually terminated. In January 2024, Circle filed a confidential IPO draft with the SEC, and now, with its public registration, the company is moving toward a formal listing.

Circle’s filing reveals a company growing in revenue but still grappling with the operational costs of running a large-scale stablecoin business. For the full year 2024, Circle reported $1.67 billion in revenue—up 16% from 2023. However, its net income fell by nearly 42% to $155.6 million, highlighting the cost-intensive nature of the business.

A major chunk of expenses was attributed to distribution fees paid to Coinbase, Circle’s main partner for USDC. In 2024, Circle paid Coinbase approximately $908 million to support the stablecoin’s circulation on the exchange. Despite this, Circle maintains strong liquidity, with holdings including $6.2 million in Bitcoin, $5.6 million in Sui (SUI), and $3.3 million in Ether.

The bulk of Circle’s income derives from the interest earned on the reserves backing USDC. These reserves are largely held in U.S. Treasuries and yield-bearing assets, underscoring Circle’s low-risk approach to managing one of the world’s largest stablecoins.

The IPO will be led by top-tier underwriters. J.P. Morgan is serving as the lead left active bookrunner, with Citigroup acting as the lead right active bookrunner. Other bookrunners include Barclays, Deutsche Bank Securities, and SG Americas Securities.

Circle’s IPO filing comes on the heels of key global regulatory milestones. Just last week, Circle became the first stablecoin issuer to receive regulatory approval in Japan, a critical step that allowed it to launch USDC on the SBI VC Trade crypto exchange. This move is part of a broader global expansion strategy and comes amid tightening scrutiny of stablecoins by regulators worldwide.

The company also recently announced plans to relocate its global headquarters from Boston to New York City, aiming to better align itself with Wall Street and the growing fintech ecosystem in the Big Apple. Circle’s CEO Jeremy Allaire emphasized the firm’s commitment to regulatory compliance and transparency, both of which are seen as essential for building trust in digital finance.

The timing of Circle’s IPO is significant. With Bitcoin trading near all-time highs and renewed institutional interest in crypto, fueled in part by the approval of spot Bitcoin ETFs and increased political discourse around digital assets, Circle’s market debut could serve as a bellwether for how public investors view blockchain infrastructure plays.

USDC currently holds a market capitalization of around $60 billion, making it the second-largest stablecoin after Tether (USDT), which sits at approximately $144 billion. Circle’s role in managing the issuance and redemption of USDC gives it a central position in crypto markets, DeFi protocols, and payment systems.

As the SEC reviews the IPO filing, market participants and investors will be closely watching the regulatory feedback, investor sentiment, and valuation guidance that follows. If successful, Circle’s IPO could set the tone for a new wave of crypto-native companies entering the public markets during President Donald Trump’s second term, where digital asset policy is already a growing political focus.