The company behind USD Coin (USDC), Circle, plans to go public via an initial public offering (IPO) on the New York Stock Exchange (NYSE). The firm aims to raise between $576 million and $624 million by offering 24 million shares priced between $24 and $26.
Of the 24 million shares, Circle will issue 9.6 million shares of Class A common stock. The remaining 14.4 million shares will come from existing shareholders. Additionally, underwriters will have a 30-day option to purchase 3.6 million more shares to cover over-allotments. The offering could give Circle a fully diluted valuation of $6.7 billion.
The shares will trade under the ticker symbol CRCL. Major financial institutions backing the IPO include Barclays, Deutsche Bank, Société Générale, JPMorgan, Goldman Sachs, and Citigroup. Co-managers include BNY Capital, Oppenheimer, Santander, AmeriVet, and Roberts & Ryan.
Founded in 2013, Circle is best known for issuing USDC, the world’s second-largest stablecoin with a market cap of $61.5 billion. USDC avoids the volatile price swings seen in other cryptocurrencies by being backed 1:1 by U.S. dollars and Treasury assets, offering traders a reliable entry and exit point in crypto markets.
This IPO follows Circle’s previously failed attempt to go public via a SPAC merger in 2022. CEO Jeremy Allaire emphasized that a public listing boosts Circle’s position as a legitimate and long-term player in the evolving financial landscape. “Going public in the United States shows our commitment to compliance, governance, and accountability,” a letter from the firm read.
Interest in the IPO is strong. ARK Invest, led by Cathie Wood, has expressed interest in investing up to $150 million—though this is not a firm commitment.
Circle’s primary competitor, Tether, remains a private company and has no plans to go public. CEO Paolo Ardoino recently stated that “Tether doesn’t need an IPO.”
By going public, Circle aims to bridge the gap between traditional finance and the digital asset industry. If successful, this IPO could mark a major turning point in crypto’s integration into the global financial system.
