Stablecoins giant Circle is preparing to make waves on Wall Street with its upcoming IPO, aiming for a valuation of around $6.7 billion. The move is set to be a landmark for the crypto industry and a major turning point for the company behind USD Coin (USDC)—the world’s second-largest stablecoin.
With more than $1.1 billion in venture backing, Circle has built a solid foundation. Investors like Accel, General Catalyst, Breyer Capital, and later Goldman Sachs helped fuel its growth. One standout was a $440 million funding round in 2021, which supported global expansion and kicked off a wave of product innovation.
Now, Circle is seeking to raise $624 million by offering 24 million Class A shares priced between $24 and $26 each. Roughly 9.6 million shares will come from Circle itself, while another 14.4 million will be sold by early investors. The offering will give Circle fresh capital while giving long-time backers an exit opportunity. Shares will trade on the New York Stock Exchange under the ticker “CRCL,” with top firms like J.P. Morgan, Goldman Sachs, and Citigroup leading the deal.
Stablecoins Go Mainstream
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle was born from a simple mission: fix the flaws in global payments. Traditional cross-border transfers are often slow, expensive, and opaque. Circle believed digital dollars on blockchain rails could offer a better solution.
That vision became reality with USDC, a dollar-backed digital currency that now supports over $60 billion in circulation. With over 10 million retail users and more than 1,000 business partners, Circle has built one of the most trusted infrastructures in crypto. Its reserves are fully backed by cash and U.S. Treasuries, and the company publishes monthly attestations to prove it.
In January 2025, Circle deepened its institutional focus by acquiring Hashnote for $100 million. Hashnote is known for issuing USYC, a tokenised money market fund, and strengthens Circle’s push into real-world asset (RWA) tokenisation—a fast-growing area projected to hit $50 billion by the end of the year.
Another big launch came in May 2025, when Circle introduced the Circle Payments Network (CPN). This blockchain-powered system aims to modernise the $190 trillion cross-border payments market, supporting real-time global settlements using USDC. Early adopters include Alfred Pay in Brazil, Tazapay in Hong Kong, and Conduit across the U.S., Europe, and Mexico.
Timing Is Everything
Circle’s IPO isn’t just a financial event—it’s a signal that crypto is moving deeper into traditional finance. According to Omni Network co-founder Austin King, it marks a “bellwether moment” for the industry. And the timing couldn’t be better.
In May 2025, the U.S. Senate advanced the GENIUS Act, the country’s first comprehensive stablecoin regulation. The law mandates full reserve backing, regular disclosures, and annual audits for large issuers. Circle already complies with these standards, giving it a major edge as regulation ramps up.
With rivals like Tether facing scrutiny over reserve transparency, Circle is positioning itself as the safe, regulated choice for both individuals and institutions. Its emphasis on compliance, openness, and integration with the traditional financial system makes it a strong contender to become the AWS or SWIFT of programmable money.
Backed by deep institutional support, a maturing regulatory environment, and growing global use, Circle’s IPO could set the tone for what comes next in digital finance. If successful, it might even encourage other crypto firms to follow suit, accelerating the mainstream adoption of blockchain-powered financial tools.
