Cryptocurrency giant Circle is charging ahead with plans to go public, enlisting financial heavyweights JPMorgan Chase and Citigroup as lead underwriters for an initial public offering targeted for late April 2025. The company, which issues the popular stablecoin USDC, is reportedly aiming for a valuation between $4 billion and $5 billion in what could become the largest crypto IPO since Coinbase went public in 2021.
Circle’s crypto empire marches toward Wall Street with banking titans at its side, eyeing multibillion-dollar valuation.
This marks Circle’s second attempt at joining the public markets after its previous plan to merge with a SPAC fell apart in December 2022. That earlier deal with Concord Acquisition Corp initially valued Circle at $4.5 billion before being renegotiated to $9 billion, only to collapse amid market turbulence.
The timing of Circle’s IPO push coincides with promising signs in both the IPO landscape and the regulatory environment for stablecoins. Over 70 companies have already debuted on American exchanges in 2025, collectively raising nearly $12 billion. Meanwhile, political momentum has been building around establishing clearer rules for stablecoin issuers. The company submitted a confidential S-1 draft to the SEC in 2024, though that initiative did not advance beyond the preliminary stage. The company’s move reflects a strategic adaptation to global regulatory frameworks that increasingly shape the crypto landscape and determine market viability.
USDC, Circle’s flagship product, has recently reached a market capitalization approaching $60 billion – an all-time high that strengthens the company’s position in the digital payments infrastructure. That said, it still trails behind market leader Tether’s USDT, which commands roughly 70% of the stablecoin market.
In preparation for its public debut, Circle has made strategic moves including relocating its global headquarters from Boston to New York City’s One World Trade Center, positioning itself at the intersection of traditional finance and cryptocurrency innovation. Interestingly, JPMorgan Chase and Citigroup previously advised on Coinbase’s IPO in 2021, bringing valuable experience to Circle’s public offering process.
The IPO could have far-reaching implications beyond Circle itself. A successful public offering might set a precedent for other crypto firms considering similar moves – including Kraken, Gemini, and BitGo – while potentially legitimizing regulated systems for stablecoins and attracting more institutional investors to the broader cryptocurrency ecosystem.
