Circle, the issuer behind the U.S. dollar-pegged stablecoin USDC, submitted an application to go public on Tuesday. The company, which generates revenue from the interest on its reserve assets, reported that its revenue and reserve income for 2024 totaled $1.68 billion, an increase from the previous year’s $1.45 billion. However, Circle’s net income for 2024 was $156 million, a decrease from $268 million in 2023.
This marks Circle’s second attempt to list on the stock exchange. The company previously endeavored to go public through a merger with a Special Purpose Acquisition Company (SPAC) in 2022. However, the plans were abandoned when the SEC did not approve the merger within the expected timeline. The earlier SPAC deal had valued Circle at $9 billion.
While the precise valuation Circle will seek in its Initial Public Offering (IPO) remains uncertain, Renaissance Capital estimates that the company aims to raise $750 million through the offering. The regulatory filing identifies several investors with over 5% ownership in Circle, including Accel, General Catalyst, Breyer, IDG Capital, and Oak Investment Partners.
The filing also indicates that the USDC currently in circulation is valued at $60 billion. Circle is moving forward with its IPO plans in a context where the Trump administration has shown a supportive stance towards cryptocurrency assets.
