Is This the Most Important Crypto IPO Since Coinbase?

USDC’s issuer goes public with bold ambitions, strong Wall Street backing, and a $6.7B vision for the future of digital finance.

Editorial Team (ET)May 29, 2025

Circle Internet, the powerhouse behind USD Coin (USDC), is officially making its play for Wall Street. The crypto giant announced plans to raise as much as $624 million through a New York Stock Exchange IPO that would value the company at a striking $6.71 billion on a fully diluted basis. For a company that has spent over a decade building its reputation as one of the most trusted names in the stablecoin universe, this public debut is more than a capital raise—it's a defining moment in crypto's growing integration with traditional finance.

Founded in 2013, Circle has long been at the forefront of stablecoin infrastructure. Its flagship token, USDC, is the second-largest stablecoin in the world with over $60 billion in circulation. Unlike more volatile cryptocurrencies, stablecoins like USDC are pegged to the U.S. dollar, providing a bridge between traditional banking systems and decentralized digital assets. This allows businesses, developers, and consumers to transact in crypto without having to worry about wild price swings.

Now, with regulatory winds finally shifting in crypto’s favor, Circle sees an open window for a bold move. The U.S. government under President Donald Trump has taken a notably friendlier stance toward the crypto sector. Officials have promised a more "rational" approach to digital asset regulation—music to the ears of firms that have spent years navigating a fog of legal uncertainty. That clarity has emboldened companies like Circle to make their case to public market investors.

The structure of the IPO reflects both strategic ambition and calculated risk. Circle plans to offer 9.6 million shares itself, while existing investors, including well-known backers like Accel and General Catalyst, will sell an additional 14.4 million shares. The offering is priced between $24 and $26 per share, which would place Circle’s raise just under $624 million if it prices at the top of the range. Shares will trade under the ticker symbol “CRCL” on the NYSE.

Coinbase

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