Thomas Daniels
Circle, the issuer behind USDC—the world’s second-largest stablecoin by market capitalization—has formally launched its initial public offering (IPO) with plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.” The offering will include 24 million shares of Class A common stock, priced between $24 and $26 per share, potentially raising up to $624 million and valuing the firm at approximately $6.7 billion on a fully diluted basis.
The company will issue 9.6 million of these shares, while the remaining 14.4 million will be sold by existing shareholders, including early backers such as Accel and General Catalyst. In addition, Circle has granted underwriters a 30-day option to purchase up to 3.6 million additional shares to cover over-allotments.
A consortium of top-tier investment banks is backing the transaction. JPMorgan Chase, Citigroup, and Goldman Sachs will serve as joint lead active bookrunners. European participation includes Barclays, Deutsche Bank Securities, and Société Générale as bookrunners. Co-managers include BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co., and Santander. Junior co-managers are AmeriVet Securities, Drexel Hamilton, Mischler Financial Group, and Roberts & Ryan.
Institutional interest in the IPO is strong, with ARK Investment Management, led by Cathie Wood, indicating potential interest in purchasing up to $150 million worth of shares.
Founded in 2013, Circle plays a critical role in the digital asset economy, operating the USDC stablecoin, which had over $60 billion in circulation as of March 31, 2025. The company reported $1.68 billion in revenue for the 12-month period ending on the same date.
This public listing effort marks Circle’s second attempt at going public, following a previously aborted $9 billion SPAC merger in 2022. The current move is bolstered by an increasingly supportive regulatory stance toward digital assets in the United States, fostering optimism about the company’s public market prospects.
