Circle Internet Financial, the issuer of USDC, is taking a major step toward its long-anticipated initial public offering.
The fintech company has enlisted investment banks JPMorgan Chase and Citi to help facilitate the offering, sources familiar with the matter told Fortune Crypto.
The company is expected to publicly file for the IPO in late April, though the exact timeline remains uncertain. Once filed, shares could begin trading within weeks, although regulatory approval processes could extend the timeline.
Circle’s IPO would be the most significant public offering in the crypto sector since Coinbase’s 2021 direct listing. JPMorgan and Citi also served as advisors in that listing.
Circle’s IPO getting closer and closer
Circle has attempted to go public before. In 2021, the company sought a SPAC merger, a once-popular route to public markets, but regulatory delays from the Securities and Exchange Commission derailed the plan.
The merger was ultimately abandoned in late 2022 amid the collapse of crypto exchange FTX and a broader downturn in digital assets. In January 2024, Circle confidentially filed for a traditional IPO.
The upcoming public filing will provide the first detailed look at Circle’s financials and its proposed ticker symbol.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle initially focused on payments and crypto trading before pivoting to stablecoins in 2018. USDC (USDC), its flagship product, was originally governed by a consortium that included Coinbase. The partnership evolved, with Coinbase now earning substantial revenue from USDC, amounting to $225.9 million in Q4 2024.
USDC’s market capitalization surged from under $1 billion in 2020 to over $50 billion in 2022, according to Fortune, driven by its use in decentralized finance and trading. However, Circle faced setbacks, including a liquidity scare in 2023 when $3.3 billion of its reserves were stuck at Silicon Valley Bank.
Though USDC recovered its $1 peg, its market cap dropped to under $25 billion before rebounding to around $60 billion today.
Stablecoin dominance
Despite its dominance, Circle faces competition from financial giants like PayPal and Fidelity, which are entering the stablecoin market. Additionally, regulatory developments could impact its business model.
Stablecoin legislation is advancing in Congress, with the Senate Banking Committee approving a bill in March and a House vote expected in April.
Former President Donald Trump has signaled support for stablecoin regulations, aiming to sign a bill by August.
With its second IPO attempt, Circle hopes to capitalize on improving market conditions and regulatory clarity to secure its place as a public company.
