Circle Internet Group, the issuer of the world’s second-largest stablecoin USDC, has significantly increased the size of its planned US stock market listing.
The company now plans to raise up to USD 896 million by selling 32 million shares at a price between USD 27 and USD 28 each. This implies a fully diluted valuation of up to USD 7.2 billion. According to a Bloomberg report, the shares are expected to begin trading this week on the New York Stock Exchange under the ticker symbol CRCL.
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Financial metrics and market position
In the first quarter of 2025, Circle posted revenue of USD 578.6 million and a profit of USD 64.8 million, marking a significant year-over-year increase. The majority of revenue stems from interest earned on the reserves backing the USDC stablecoin. However, sales and transaction costs also rose by 68.2%, putting pressure on profit margins.
USDC is currently the second-largest stablecoin with a market capitalization of around USD 61 billion, trailing behind market leader Tether (USDT) at USD 153 billion. Circle closely collaborates with partners such as Coinbase, BlackRock, and Fidelity to boost USDC adoption.
Regulatory environment and outlook
The upsizing of the IPO reflects growing institutional investor interest in crypto companies, particularly under the current US administration, which has taken a more favorable stance toward digital assets. An upcoming bill regulating stablecoins could further drive USDC adoption and offer Circle additional growth opportunities.
Circle’s IPO is seen as a litmus test of institutional trust in the crypto industry. If the listing proves successful, it could pave the way for other crypto firms such as Ripple, Kraken, or ConsenSys to go public. Analysts see the combination of a regulated stablecoin infrastructure and traditional financial metrics as key to achieving market acceptance. Circle could become the first major “crypto stock” to serve as a bridge between blockchain and Wall Street.
