Circle, the issuer of USDC, a stablecoin pegged to the U.S. dollar, filed to go public on Tuesday.
The company, which makes money from interest earned on its reserve assets, reported that its 2024 revenue and reserve income was $1.68 billion, up from $1.45 billion the year prior. Circle’s 2024 net income was $156 million, down from $268 million in 2023.
This is Circle’s second attempt at listing on the stock exchange. The company previously tried to go public by combining with a SPAC in 2022 but scrapped its plans when the SEC didn’t approve the merger within an expected timeframe. Before failing, the SPAC deal valued Circle at $9 billion.
While it is not clear what value the company will fetch in its IPO, Renaissance Capital estimates that the company will attempt to raise $750 million in its offering.
According to the regulatory filing, investors with more than 5% ownership in the company include Accel, General Catalyst, Breyer, IDG Capital, and Oak Investment Partners.
Circle USDC in circulation are valued at $60 billion, according to the filing.
The company is planning its IPO amid the Trump administration’s supportive stance on crypto assets.
Marina Temkin is a venture capital and startups reporter at TechCrunch. Prior to joining TechCrunch, she wrote about VC for PitchBook and Venture Capital Journal. Earlier in her career, Marina was a financial analyst and earned a CFA charterholder designation.
