Circle Internet Financial, the company behind the popular cryptocurrency stablecoin USDC, is pushing ahead with plans to take its business public. After years of anticipation, the fintech firm has teamed up with major investment banks JPMorgan Chase and Citi to prepare for an initial public offering (IPO). Sources close to the matter revealed that Circle is aiming to file its IPO paperwork publicly by late April 2025. This move could see its shares start trading as early as May, though delays could stretch the timeline further.
This isn’t Circle’s first shot at going public. Back in 2021, the company tried a different route through a merger with a special purpose acquisition company (SPAC). That plan fell apart by the end of 2022 after regulatory hurdles and a turbulent crypto market derailed the effort. Now, with a traditional IPO in sight, this company is ready to give investors a closer look at its financials and future prospects.
A Second Attempt at Going Public
Circle first tried to go public in 2021 through a $9 billion SPAC merger. However, the deal was delayed multiple times as the U.S. Securities and Exchange Commission (SEC) failed to approve the merger. By the end of 2022, following the collapse of FTX and a broader crypto market downturn, it abandoned the SPAC approach.
In January 2024, the company confidentially filed for a traditional IPO with the SEC. Now, after more than a year of preparation, Circle is expected to make its filing public, providing investors with a detailed look at its financials.
JPMorgan Chase and Citi, the same financial institutions that advised Coinbase’s 2021 listing, are assisting Circle’s IPO. While the exact timeline remains uncertain, historical trends suggest that if the filing happens in April, shares could begin trading by May or June.
The Evolution of Circle and USDC
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle has gone through multiple transformations. Initially, the company experimented with crypto payments and trading services before shifting its focus to stablecoins in 2018.
USDC was originally managed by Centre, a consortium that included Circle and Coinbase. However, in 2023, Centre was dissolved, and they restructured their partnership. Coinbase now continues to receive a significant share of USDC’s revenue. In Q4 2024, Coinbase earned $225.9 million from USDC-related services.
USDC’s market cap saw tremendous growth during the 2021 crypto boom, rising from under $1 billion in 2020 to over $50 billion in 2022. However, the stablecoin faced a severe test in March 2023 when $3.3 billion of Circle’s reserves were temporarily stuck in Silicon Valley Bank (SVB) before regulators stepped in. USDC briefly lost its $1 peg but later recovered.
Despite these challenges, USDC remains a dominant player in the stablecoin market. Its market cap, which dipped to $25 billion at the end of 2023, has since rebounded and currently sits at around $60 billion.
IPO Market Recovery and Circle’s Valuation
Circle’s IPO comes at a time when the market for public listings is showing signs of recovery. In 2025, 73 companies have gone public on U.S. exchanges—a 70% increase from the previous year. These IPOs have collectively raised $11.8 billion, reflecting a 39% increase from the same period in 2024.
Circle’s valuation has fluctuated over the years. When it first announced its SPAC merger in 2021, the company was valued at $4.5 billion. That figure doubled to $9 billion in 2022 before declining amid crypto market turbulence. In July 2024, secondary market trades valued Circle at around $5 billion.
For its traditional IPO, Circle is now seeking a valuation between $4 billion and $5 billion. While lower than its 2022 peak, this valuation reflects the company’s strong position in the stablecoin industry.
Regulatory Developments and Competitive Landscape
One factor that could influence Circle’s IPO success is the ongoing development of stablecoin legislation. In March, the Senate Banking Committee advanced a bill on stablecoins, and the House of Representatives is expected to vote on its own version in April. Former President Donald Trump, a pro-crypto advocate, has expressed support for signing stablecoin legislation by August.
However, competition in the stablecoin space is growing. Traditional financial institutions and crypto firms are entering the market, with players like PayPal, Ripple, and even Fidelity reportedly exploring stablecoin offerings.
Challenges and Opportunities
Despite USDC’s success, the company faces questions about its business model. Unaudited financials from early 2023, reported by Fortune, showed that 99% of its revenue came from interest income. Investors may push for proof of diversified revenue streams. Valuation is another concern. This company was valued at $4.5 billion during its 2021 SPAC deal, rising to $9 billion in February 2022. By July 2025, its shares traded at around $5 billion on secondary markets, per CoinDesk. For this IPO, Circle is targeting a $4 billion to $5 billion valuation, sources say.
The timing could work in Circle’s favor. Stablecoin legislation is gaining traction in Congress, a positive sign for the industry. In March 2025, the Senate Banking Committee advanced a bill, and the House is expected to vote on its version in early April. President Trump, a vocal crypto supporter, has pledged to sign such a law by August 2025. This could bolster its position as a leader in the stablecoin market.
Circle isn’t alone in the stablecoin race. Competitors like Ripple, PayPal, and even Fidelity are entering the space, launching or exploring their own stablecoins. This growing competition could test Circle’s dominance. Still, with USDC’s $60 billion market cap and a potential IPO on the horizon, the company remains a heavyweight in crypto.
What’s Next?
As Circle prepares its late April 2025 filing, all eyes are on how it will pitch itself to investors. The public documents will reveal critical details about its financial health and strategy. If the Circle’s IPO moves forward as planned, shares could hit the market by mid-2025, assuming no delays. For a company that’s weathered regulatory setbacks, market crashes, and banking scares, this could be a defining moment.
Circle’s story reflects the ups and downs of the crypto world. From its SPAC misadventure in 2021 to its recovery in 2025, the firm has shown resilience. Whether it can convince Wall Street of its long-term value remains to be seen. For now, the countdown to late April is on, and the crypto community is watching closely.
Stay tuned for more updates as Circle moves closer to its public listing.
