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Circle Internet Financial, the issuer of the USDC stablecoin, is indeed moving forward with its plans for an initial public offering (IPO). Here’s a breakdown of the current situation:
IPO Status:
* Circle has filed a registration statement (Form S-1) with the U.S. Securities and Exchange Commission (SEC) for a proposed IPO. However, this registration is not yet effective and is still under review by the SEC.
* The number of shares to be offered and the price range for the IPO have not yet been determined.
* The timing of the IPO is dependent on the SEC review process, market conditions, and other factors. Some reports suggest it could potentially happen as early as June 2025.
* The company plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL.”
* This IPO attempt follows a previous plan to go public via a special purpose acquisition company (SPAC) in 2021, which was later terminated in December 2022.
Valuation:
* Circle is reportedly seeking a valuation of around $5 billion through its IPO. Earlier reports mentioned a potential valuation in the range of $4 billion to $6 billion.
* In its previous SPAC deal in 2022, Circle’s valuation had reached approximately $9 billion.
Alternative: Potential Sale:
* Interestingly, alongside its IPO plans, Circle is reportedly engaged in informal talks for a potential sale of the company.
* Coinbase and Ripple are the companies mentioned as potential buyers.
* Circle is said to be seeking a valuation of at least $5 billion in these private negotiations, the same target as its IPO.
* Ripple had reportedly made an offer in the range of $4 billion to $5 billion, but this was rejected as undervalued. It’s unclear if Ripple is still considering an acquisition.
* Coinbase is considered a likely buyer by some, given the close ties between the two companies. They co-founded the Centre Consortium (which initially governed USDC) and still share revenue from USDC reserve interest. Coinbase also holds some operational control over Circle.
* Coinbase CEO Brian Armstrong has indicated that Circle’s IPO doesn’t affect their commercial ties but hinted at openness to future deals.
Circle’s Business:
* Circle is primarily known as the issuer of USD Coin (USDC), the second-largest stablecoin by market capitalization.
* USDC is pegged to the U.S. dollar and is backed by U.S. dollar assets.
* Circle’s business model benefits from the increasing adoption of digital currencies and the need for stable, reliable assets in the crypto market. The company also earns interest on the reserves backing USDC.
* In 2024, Circle reported revenue and reserve income of $1.68 billion, compared to $1.45 billion in 2023. Net income in 2024 was $155.7 million, down from $267.5 million the previous year.
Recent Developments:
* Circle has been actively expanding its global presence. It recently received in-principle regulatory approval in Abu Dhabi Global Market (ADGM) to operate as a money services provider.
* The company announced the launch of the Circle Payments Network (CPN), aimed at enabling faster, lower-cost, and more transparent cross-border payments using stablecoins like USDC and EURC. This network is expected to start rolling out in May 2025.
* Circle has also partnered with Intercontinental Exchange (ICE), the operator of the New York Stock Exchange, to explore the use of USDC for new products and solutions.
In summary, while Circle has filed for an IPO and intends to go public, it is also exploring the possibility of a sale to major players like Coinbase or Ripple. The outcome will likely depend on the SEC’s review of the IPO filing, market conditions, and the willingness of potential buyers to meet Circle’s valuation expectations.

Video courtesy of ABN-AMRO

Video courtesy of ABN-AMRO