- Price range set between $24.00 and $26.00 per share.
- Offering led by J.P. Morgan, Citigroup, and Goldman Sachs.
- 9.6 million shares offered by Circle, 14.4 million by existing holders.
Circle Internet Group, the company behind the world’s second-largest stablecoin USDC, has filed to go public on the New York Stock Exchange. The move could generate up to $624 million in proceeds if the shares are priced at the upper end of the $24.00 to $26.00 range.
The proposed offering includes 24 million shares of Class A common stock under the ticker “CRCL”, with 9.6 million offered by Circle itself and the remainder from existing shareholders.
Circle’s public listing attempt comes at a time of rapid transformation in the stablecoin market, where institutional players are gaining prominence and regulation is beginning to catch up.
With stablecoins being seen as the bridge between traditional finance and decentralised ecosystems, the IPO is expected to shape investor sentiment in this emerging sector.
Major banks lead Circle IPO
Circle’s IPO will be led by financial heavyweights, including J.P. Morgan, Citigroup, and Goldman Sachs, alongside several co-managers.
The firm has also provided underwriters a 30-day option to purchase up to 3.6 million more shares in the event of high demand.
This marks a strong show of confidence from Wall Street at a time when digital asset companies have faced scrutiny from both lawmakers and markets.
Institutional interest in stablecoins has grown in recent quarters. Unlike volatile cryptocurrencies such as Bitcoin or Ether, stablecoins like USDC are pegged to fiat currencies and serve as reliable vehicles for payments, remittances, and DeFi applications.
Circle’s decision to tap public markets could signal broader mainstream adoption of stablecoin infrastructure, even as broader market uncertainty lingers.
Rumours of acquisition before filing
The announcement of Circle’s IPO follows recent speculation that the company could be acquired by larger crypto firms.
Reports surfaced earlier this year linking Ripple, the developer of XRP, and Coinbase, the Nasdaq-listed exchange, to potential acquisition discussions with Circle. However, Tuesday’s filing confirms that Circle is moving ahead independently.
Circle had previously filed an S-1 form with the US Securities and Exchange Commission in April 2024.
While early reports indicated a potential delay in its IPO plans due to market volatility triggered by former president Donald Trump’s renewed tariff stance, no formal announcement of postponement was ever made by the company.
The filing on May 21 represents a reassertion of Circle’s intent to join the public markets despite external economic factors.
Regulatory risk still looms
Although the IPO remains subject to final SEC approval and market conditions, its timing comes amid growing debate over how stablecoins should be regulated in the US.
With the Securities and Exchange Commission and Federal Reserve taking a keener interest in digital dollar instruments, Circle’s listing could offer investors a rare glimpse into the financial mechanics of a stablecoin operator.
The IPO also serves as a barometer for how traditional financial institutions perceive the role of tokenised assets. Circle’s USDC supply has fluctuated with market demand but remains a key instrument in crypto trading pairs and decentralised lending platforms.
A successful IPO may provide further validation for the token’s broader use in cross-border transactions and settlement mechanisms.
Circle’s move toward a public listing is one of the most significant to emerge from the stablecoin sector to date, with competitors such as Tether and Paxos still operating privately.
Whether or not Circle can meet its fundraising target, its market debut will likely shape how regulators and investors evaluate crypto-linked companies in public equity markets going forward.
