Circle Internet, issuer of the USDC stablecoin, has launched its initial public offering (IPO) on the New York Stock Exchange, targeting a valuation of up to $6.71bn.
Announced on May 27, the IPO includes 24 million shares of Class A common stock, with Circle offering 9.6 million shares and selling stockholders providing 14.4 million shares. The company and its investors aim to raise up to $624m, with shares priced between $24 and $26.
Leading the offering are JP Morgan, Citigroup and Goldman Sachs, while Barclays, Deutsche Bank Securities and Société Générale serve as bookrunners.
Founded in 2018, Circle is best known as the issuer of USDC, the second-largest stablecoin behind Tether (USDT). As stablecoins become increasingly integrated into mainstream payments, Circle is well-positioned to benefit from this growth.
Stablecoins offer a fast and secure method for cross-border transactions, maintaining value by being pegged to fiat currencies. Their role in payments continues to expand as adoption rises and traditional financial institutions express interest.
Favourable regulatory environment
President Donald Trump’s administration has created a regulatory landscape which favours digital currencies. In April, the US Securities and Exchange Commission (SEC) clarified it does not classify covered stablecoins as securities.
This exemption means issuers and financial institutions are not required to register these transactions under the Securities Act, reducing regulatory barriers for usage and further boosting stablecoin adoption.
Additionally, Trump has looked to accelerate the Genius Act through the nation’s legislative process. The bill sets out clear guidelines for stablecoin issuers, including a requirement that only state-regulated entities can issue stablecoins. It also includes rules covering anti-money laundering and other consumer protection measures.
The Genius Act will be crucial for financial institutions, which have declared interest in using stablecoins to go ahead with plans. Bank of America has been one of the earliest proponents.
Previous attempts to go public
Circle’s IPO comes after a failed attempt to go public in 2022 via a merger with a special-purpose acquisition company (SPAC). The company also reportedly held talks regarding a $5bn acquisition by Coinbase Global and Ripple Labs.
In April, Circle submitted an SEC S-1 registration intending to go public, but shortly after, the Wall Street Journal reported potential delays due to tariffs and economic uncertainty. Other fintech firms, including BNPL provider Klarna, have also postponed IPOs due to market volatility.
However, with markets slowly returning to more stable conditions, now looks like the ideal time for Circle to launch its IPO.
