Stablecoin issuer Circle Internet Group
Stablecoin issuer Circle Internet Group
Stablecoin issuer Circle Internet Group files for an estimated $750 million IPO
Circle Internet Group, a cryptocurrency issuer behind the USDC stablecoin, filed on Tuesday with the SEC for an initial public offering we estimate could raise up to $750 million.
Circle had previously planned to go public via SPAC, but the merger agreement was terminated in late 2022.
Circle states that it operates one of the largest and most widely used stablecoin networks in the world. Anchored around USDC, its US dollar-denominated payment stablecoin, its suite of stablecoins and related products together provide a network utility and application platform for a wide range of organizations. The USDC "digital dollar" issued by Circle is a leading payment stablecoin, with $43.9 billion in circulation across 4.3 million meaningful wallets, as of December 31, 2024. Circle's business model is driven by the growth of the Circle stablecoin network, which comprises its stablecoin infrastructure, its banking and reserve management infrastructure, its blockchain infrastructure, and its Developer Services application platform, as well as all the end-users. Through its partners and the broader ecosystem that supports and integrates into the Circle stablecoin network, the company touches more than 600 million users around the world as of March 28, 2025.
The New York, NY-based company was founded in 2013 and booked $1.7 billion in revenue for the 12 months ended December 31, 2024. It plans to list on the NYSE under the symbol CRCL. Circle Internet Group filed confidentially on December 13, 2023. J.P. Morgan, Citi, Barclays, Deutsche Bank, and Societe Generale are the joint bookrunners on the deal. No pricing terms were disclosed.
Circle Internet Group, a cryptocurrency issuer behind the USDC stablecoin, filed on Tuesday with the SEC for an initial public offering we estimate could raise up to $750 million.
Circle had previously planned to go public via SPAC, but the merger agreement was terminated in late 2022.
Circle states that it operates one of the largest and most widely used stablecoin networks in the world. Anchored around USDC, its US dollar-denominated payment stablecoin, its suite of stablecoins and related products together provide a network utility and application platform for a wide range of organizations. The USDC "digital dollar" issued by Circle is a leading payment stablecoin, with $43.9 billion in circulation across 4.3 million meaningful wallets, as of December 31, 2024. Circle's business model is driven by the growth of the Circle stablecoin network, which comprises its stablecoin infrastructure, its banking and reserve management infrastructure, its blockchain infrastructure, and its Developer Services application platform, as well as all the end-users. Through its partners and the broader ecosystem that supports and integrates into the Circle stablecoin network, the company touches more than 600 million users around the world as of March 28, 2025.
The New York, NY-based company was founded in 2013 and booked $1.7 billion in revenue for the 12 months ended December 31, 2024. It plans to list on the NYSE under the symbol CRCL. Circle Internet Group filed confidentially on December 13, 2023. J.P. Morgan, Citi, Barclays, Deutsche Bank, and Societe Generale are the joint bookrunners on the deal. No pricing terms were disclosed.