2-4-2025 – Circle, the powerhouse behind the USDC stablecoin, has unveiled its ambitious plans to join the ranks of publicly traded companies on the prestigious New York Stock Exchange, marking a significant milestone in the convergence of traditional finance and digital assets.
The Massachusetts-based financial technology firm has lodged its S-1 registration statement with American regulators on 1 April, proposing to trade under the ticker “CRCL”. Whilst the company has yet to disclose the precise offering details, including share quantities and pricing structure, the move represents a notable shift in the cryptocurrency landscape.
Financial records paint an intriguing picture of Circle’s operational prowess, with the firm posting a robust $1.67 billion in revenue for 2024, representing a 16% upswing from the previous year. However, the company’s net income witnessed a decline, settling at $155.6 million – a 41.8% reduction compared to 2023’s figures. This stands in stark contrast to 2022’s considerable losses of $761.7 million.
Notably, Circle’s revenue stream demonstrates a remarkable concentration, with an overwhelming 99% derived from its stablecoin reserves, primarily through interest generated from US Treasury securities investments.
The current filing marks Circle’s third venture towards public trading, following two previous attempts. An earlier SPAC merger initiative in 2021 was ultimately abandoned in December 2022, succeeded by a confidential submission to regulators in January 2024.
In the competitive stablecoin marketplace, USDC maintains its position as the second-largest player, commanding a market capitalisation of $60.1 billion, though trailing behind market leader Tether’s $143.9 billion valuation, according to cryptocurrency analytics platform CoinGecko.
The company has enlisted the expertise of financial heavyweights JP Morgan Chase and Citigroup to shepherd this latest public offering attempt, underscoring the growing institutional embrace of digital asset enterprises.
