Circle Internet is making a renewed push to go public, this time with more measured ambitions. The crypto firm behind USDC, the second-largest stablecoin in circulation, has officially filed for a U.S. IPO that could raise up to $624 million. The offering would value the company at up to $6.71 billion on a fully diluted basis.
The long-anticipated public debut would see Circle list its shares on the New York Stock Exchange under the ticker CRCL. According to regulatory filings, the company plans to sell 9.6 million shares at a price range of $24 to $26. Meanwhile, early investors like Accel and General Catalyst will sell an additional 14.4 million shares.
This move arrives during a wave of renewed optimism for crypto firms on Wall Street. Improving market sentiment, a friendlier political stance on digital assets, and rising interest in stablecoins have all helped set the stage for Circle’s reentry into the public markets.
A Strategic Return to Public Markets
Circle’s latest IPO attempt marks one of the largest crypto listings since Coinbase’s blockbuster debut in 2021. It follows several high-profile developments in the sector, including Galaxy Digital’s recent uplisting to the Nasdaq. For Circle, this public listing signals a reset — and a clear shift from the inflated $9 billion SPAC deal it abandoned in late 2022.
This time around, the company is pitching a more grounded valuation that reflects changing market conditions. As Bo Pei, an analyst at US Tiger Securities, put it: Circle’s return to the IPO track shows confidence, but also realism — trimming 25% off its previous valuation to better align with the current market.
USDC’s Role and Political Tailwinds
Founded in 2013, Circle has become a major player in the crypto economy through USDC, its dollar-pegged stablecoin. With around $60 billion in circulation, USDC now commands roughly 26% of the stablecoin market, second only to Tether. This year alone, USDC’s market cap has grown by 36%, far outpacing Tether’s 5% rise.
In addition to USDC, Circle also launched EURC, a euro-backed stablecoin aimed at supporting digital payments and decentralized finance (DeFi) across Europe.
The timing of Circle’s IPO is strategic. A stablecoin bill is currently advancing in the U.S. Senate, and the political climate is warming. Former President Donald Trump has called for stablecoin legislation to reach his desk before Congress’s August recess, which could bring long-awaited regulatory clarity and institutional buy-in.
Backed by Wall Street and ARK Invest
The IPO is being underwritten by major banks including J.P. Morgan, Citigroup, and Goldman Sachs. Notably, Cathie Wood’s ARK Invest has signaled interest in purchasing up to $150 million worth of stock, offering a significant vote of confidence.
According to Matt Kennedy of Renaissance Capital, the current climate offers the most favorable conditions for crypto IPOs in the past three years. If successful, Circle’s listing could open the door for more blockchain-native firms to tap public capital markets.
Stablecoin Market Poised for Explosive Growth
The stablecoin sector itself is in the midst of a major growth cycle. Analysts at J.P. Morgan project that the global stablecoin market could expand to between $500 billion and $750 billion in the coming years. That’s a sharp leap from current levels, and Circle stands to benefit if USDC maintains or grows its share.
Circle’s positioning at the intersection of payments, DeFi, and regulatory engagement gives it an edge in a maturing market. Its IPO isn’t just a funding milestone — it could be a bellwether for the broader adoption of stablecoins and crypto finance in the public domain.
