Stablecoin provider Circle has filed for an initial public offering, as the stablecoin industry awaits new regulations.
Circle, known for its USDC coin, will trade as CRCL on the New York Stock Exchange. It is reportedly targeting a valuation of US$5 billion.
“For Circle, becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible,” the company said in a Securities and Exchange Commission filing. “We are building what we believe to be critical infrastructure for the financial system, and we seek to work with leading companies and governments around the world in shaping and building this new internet financial system.”
“But more than anything, going public now is representative of the fact that we are at a significant crossroads for Circle and the development of the internet financial system. We see the opportunity before us as being informed and strengthened by a combination of technology readiness, regulatory clarity, and market need.”
J.P. Morgan and Citigroup are the primary underwriters for the filing, with Barclays, Deutsche Bank Securities, and SG Americas Securities joining as additional bookrunners.
Stablecoin values are pegged to a reference asset, such as a currency or a commodity. Circle’s USDC coin is pegged to the U.S. dollar, and is available as a token on the Ethereum blockchain.
Around US$141.3 billion in USDC had been minted as of the end of 2024, with $24.4 billion in circulation. USDC holds around 26% of the stablecoin market, behind only Tether Limited’s Tether coin.
The stablecoin market has grown by 11% in 2025, and by 47% over the past year.
Circle’s net income fell from US$268 million to $156 million last year, though its revenue grew from $230 million to $1.68 billion. Its total current capitalisation is $1.8 billion, according to its Securities and Exchange Commission filing.
The company previously filed for a listing in January 2024, and in 2022 abandoned a plan for an IPO that would have seen it merge with Concord Acquisition.
The United States House of Representatives is preparing for hearings on potential stablecoin legislation, with bills submitted to the House and Senate outlining regulations for coins pegged to the U.S. dollar. These bills would prevent stablecoins from offering interest to their buyers, and the House’s proposal would impose a two-year moratorium on issuing stablecoins.
U.S. President Donald Trump has said he hopes to sign stablecoin legislation before August. Trump is a close ally of the cryptocurrency industry; he and his sons hold corporate titles at cryptocurrency company World Liberty Financial, which said last month it would launch its own stablecoin.
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