Circle, the issuer of the USDC stablecoin pegged to the US dollar, has once again applied for a public listing. The company primarily generates revenue from interest earned on its reserve assets. In 2024, Circle’s total revenue and reserve income amounted to $1.68 billion, up from $1.45 billion in 2023. However, its net profit declined to $156 million, compared to $268 million in 2023.
Circle previously attempted to go public in 2022 through a SPAC (special purpose acquisition company) merger. However, the deal was not approved in time by the U.S. Securities and Exchange Commission (SEC), causing the plan to fall through. At that time, Circle was valued at $9 billion.
It remains unclear at what valuation the company will list in its IPO. However, Renaissance Capital estimates that Circle aims to raise $750 million through the offering.
According to regulatory filings, major investors holding more than a 5% stake in Circle include Accel, General Catalyst, Breyer, IDG Capital, and Oak Investment Partners.
The filings also reveal that the total value of USDC stablecoins in circulation is currently $60 billion.
Circle’s IPO decision comes amid the Trump administration’s supportive stance on cryptocurrencies. The U.S. government’s favorable approach to the crypto sector has created a more conducive environment for the company’s listing plans.
