Circle, the issuer of the USDC stablecoin, is making a renewed push to go public after years of delays and shifting market conditions.
The Boston-based fintech has reportedly hired JPMorgan Chase and Citi to lead its long-anticipated initial public offering. A public filing is expected as early as late April, Fortune reported on Monday.
Circle is reportedly seeking a valuation between $4b and $5b for its traditional IPO. If successful, the listing would rank among the most significant public debuts in the crypto sector since Coinbase went public in 2021.
Circle didn’t return Cryptonews’ request for comment by press time.
Circle Revives Public Listing Plans Amid IPO Market Rebound
This move marks Circle’s most concrete step toward a public listing since it confidentially filed with the US SEC in early 2024. The upcoming disclosure would offer the first detailed look at Circle’s financials. It would also signal the final step toward listing its shares.
Unlike its first attempt to go public via a SPAC merger in 2021, Circle is now pursuing a more conventional route. An investment firm backed the earlier SPAC deal. It was repeatedly extended, but never approved by the SEC. Circle ultimately scrapped the plan in late 2022 after FTX’s collapse and the broader crypto market downturn.
Now, with market conditions improving, Circle appears to be seizing a more favorable window.
Circle Aligns IPO Plans With 2025’s Strengthening Market Momentum
So far in 2025, 73 companies have gone public on US exchanges and have raised a combined $11.8b. That marks a 39% increase from the same period last year.
Several prominent firms including eToro, StubHub and Klarna have also joined the IPO pipeline.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle has raised more than $1.1b from investors such as BlackRock and Coinbase. Neville stepped down as co-CEO in 2019, leaving Allaire to lead the company solo. In recent comments, Allaire said that Circle is not seeking new capital, but views the IPO as a way to increase transparency and reinforce its credibility.
Going public would also solidify Circle’s position in the evolving crypto-finance ecosystem. USDC, its dollar-pegged stablecoin, is widely used across exchanges fintech platforms and decentralized finance protocols.
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