Circle Eyes $5 Billion Valuation For Upcoming Initial Public Offering

Circle Internet Financial, the company behind the USDC/USD stablecoin, is reviving its public listing ambitions and is reportedly preparing to file for an initial public offering by late April.

What Happened: The crypto-focused fintech is working with JPMorgan Chase JPM and Citi as advisors, Fortune reported on Monday, quoting sources familiar with the matter.

This would mark Circle's second major attempt to go public.

Its earlier 2021 effort via a SPAC deal was abandoned after regulatory delays and broader market turmoil following the collapse of crypto exchange FTX.

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In January 2024, Circle confidentially filed with the SEC for a traditional IPO, and the upcoming public filing will provide the first official look at the company's financials.

Founded in 2013 by Jeremy Allaire and Sean Neville, Circle has evolved from a broader crypto services firm into a stablecoin-focused financial platform.

Its USDC stablecoin, once operated through a consortium called Centre with Coinbase COIN as its sole remaining partner, has seen a dramatic rebound since early 2023.

Following a brief de-pegging during the Silicon Valley Bank crisis—when $3.3 billion in reserves were temporarily locked—USDC has since recovered, now boasting a $60 billion market cap.

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Despite its growth, Circle's financial health remains closely tied to interest income. As of the first half of 2023, 99% of its revenue came from interest earned on reserve assets like U.S. Treasuries.

Circle is reportedly seeking a valuation between $4 billion and $5 billion for its IPO, a sharp drop from the $9 billion valuation it reached during its SPAC attempt.

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Why It Matters: Circle's public debut would be the largest crypto IPO since Coinbase went public in 2021.

Like Coinbase, Circle's IPO is arriving as the market for new listings shows renewed signs of life.

So far in 2025, IPO activity has jumped 70% compared to the same period last year, signaling a more favorable climate for tech and crypto companies.

With stablecoin regulation advancing in Washington—backed by a pro-crypto stance from President Trump—Circle’s positioning in the market appears timely.

However, the company now faces increased competition from both crypto-native firms and traditional finance players like PayPal PYPL and Ripple XRP/USD, which have launched stablecoins of their own.