Circle Files for $5 Billion IPO to List on NYSE

Circle, the issuer of the USDC stablecoin, has officially filed for an initial public offering (IPO) on the New York Stock Exchange under the ticker symbol CRCL, targeting a valuation of up to $5 billion. This marks Circle's second attempt to go public, following a failed SPAC merger in 2022. The company reported a revenue increase to $1.68 billion in 2024, although its net income fell to $156 million from $268 million the previous year. JPMorgan Chase and Citigroup are leading the underwriting of the IPO, which includes a provision for additional share purchases. Circle aims to leverage the growing stablecoin market and its partnership with Coinbase to enhance its position in the cryptocurrency space. The upcoming legislation on stablecoins in the U.S. may further influence Circle's market impact and growth potential.