After years of delays and a collapsed SPAC deal, Circle is finally moving toward a traditional IPO, enlisting JPMorgan and Citi to lead what could become the biggest crypto listing since Coinbase, Fortune reported on March 31, citing people familiar with the matter.
The company, known for issuing the USD Coin (USDC) stablecoin, is expected to submit its IPO paperwork publicly by late April.
While the exact timeline for the listing remains uncertain, a public filing would reveal the company’s financial performance and proposed ticker for the first time.
The move marks Circle’s return to the public markets after a failed 2021 attempt. The company had previously tried to list via a merger with a special purpose acquisition company (SPAC).
However, the deal collapsed in late 2022 amid heightened regulatory scrutiny and a downturn in digital assets following the implosion of FTX.
Investor scrutiny
USDC has become a key player in the crypto ecosystem, widely used for payments, trading, and decentralized applications.
After peaking above $50 billion in market cap in 2022, USDC saw a sharp drop following the Silicon Valley Bank crisis in early 2023, when $3.3 billion of Circle’s reserves were briefly inaccessible.
The stablecoin temporarily lost its dollar peg but quickly recovered after federal intervention. As of March, USDC’s market cap has reached a new high near $60 billion. Still, Circle faces questions about the breadth of its revenue streams.
According to unaudited financial figures seen by industry sources, nearly all of the company’s income in early 2023 came from interest on reserve assets, such as US Treasuries and cash equivalents.
Coinbase, a key partner in the issuance of USDC, generated over $225 million in USDC-related revenue in the final quarter of 2024 alone.
Circle’s latest valuation target is reportedly in the range of $4 billion to $5 billion, down from the $9 billion valuation set during its abandoned SPAC deal.
According to people familiar with the transactions, shares of the company last changed hands on private markets at around $5 billion.
IPO momentum builds
The offering comes as the US IPO landscape shows signs of recovery. So far in 2025, public listings on American exchanges are up significantly compared to last year, with over 70 companies debuting and raising nearly $12 billion.
Circle may also benefit from growing political momentum around stablecoin regulation.
The Senate Banking Committee advanced legislation earlier this month, and the House is expected to follow suit in April. Meanwhile, President Donald Trump has publicly supported digital assets and signaled his intent to sign stablecoin legislation by summer.
However, Circle will not be alone in the market. Competing stablecoins have launched from traditional financial firms and crypto companies alike, including offerings from PayPal, Ripple, and potentially Fidelity.
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