Stablecoin Issuer Circle Files for IPO on NYSE

Circle Internet Group, the issuer of the USDC stablecoin and the second-largest stablecoin by market capitalization, has filed for an initial public offering on the New York Stock Exchange under the ticker symbol CRCL. The company plans to offer 24 million Class A shares, with 9.6 million shares issued by Circle and 14.4 million shares sold by existing shareholders, alongside a 30-day option for underwriters to purchase an additional 3.6 million shares. The IPO price is expected to range between $24 and $26 per share, potentially raising about $250 million for Circle and $375 million for selling shareholders. Major financial institutions, including JPMorgan Chase, Citigroup, Goldman Sachs, Barclays, Deutsche Bank, and Societe Generale, are leading the offering, reflecting strong institutional interest. Circle has pursued going public for nearly four years, including a failed 2021 SPAC deal, and recently considered alternative options such as a possible acquisition by Coinbase or Ripple. The IPO could mark a significant milestone for the cryptocurrency industry’s integration with traditional financial markets.