Circle Internet Financial, the company behind the USDC stablecoin, has filed for an initial public offering (IPO) on the New York Stock Exchange. This move marks the first major cryptocurrency firm to pursue a public listing since the election of President Donald Trump, who has expressed support for digital assets.
In 2024, Circle reported revenues of $1.68 billion, an increase from $1.45 billion in 2023. However, net income declined to $155.7 million from $267.5 million the previous year, largely due to increased operating expenses and $1 billion in fees paid to partners like Coinbase to promote USDC usage.
Circle’s IPO filing indicates a significant step towards transparency and accountability, as stated by CEO Jeremy Allaire. The company previously attempted to go public through a SPAC merger in 2022, which was valued between $7 billion and $9 billion but ultimately fell through.
Growth of Circle’s USDC and Market Position
USDC’s circulation grew by 78% in 2024, reaching over $45 billion. The stablecoin is now available in more than 180 countries and operates across 16 blockchains. Monthly transaction volumes surpassed $1 trillion in November 2024, contributing to a total historical transaction volume of over $20 trillion.
Despite this growth, USDC remains the second-largest stablecoin, trailing behind Tether’s USDT, which ended 2024 with a market capitalisation of $137.5 billion.
Regulatory Environment and Strategic Positioning
Circle has positioned itself to benefit from a more favourable regulatory environment under the current administration. The company became the first stablecoin issuer to secure a licence under the European Union’s Markets in Crypto-Assets (MiCA) framework in 2024 and also met Canadian listing rules.
CEO Jeremy Allaire has emphasised the importance of regulatory clarity for the integration of digital assets into traditional finance. He expressed optimism that stablecoin legislation could be passed in the U.S. during the current administration, which would provide further legitimacy and stability to the market.
