Circle Plans $5B IPO After Previous Attempt

Circle Internet Financial, the issuer of the USD Coin (USDC) stablecoin, has filed for an initial public offering (IPO) with the SEC, seeking a valuation between $4 billion and $5 billion. The company plans to list on the New York Stock Exchange under the ticker symbol CRCL, with JPMorgan Chase and Citigroup acting as lead underwriters. This IPO marks Circle's second attempt at going public; its first effort through a SPAC merger was abandoned due to regulatory hurdles and market conditions. Despite a recent surge in USDC's market capitalization to $60 billion, the company remains second to Tether in the stablecoin market. The upcoming public filing will provide a first official look at Circle's financials, which have seen significant interest income from its reserves. If successful, Circle's IPO could represent the largest cryptocurrency-related IPO since Coinbase's listing in 2021, potentially signaling a renewed interest in crypto public offerings.