Crypto's Next Big IPO: Will Circle’s listing usher in more crypto IPOs?

Could 2025 be the year crypto enters public markets with institutional momentum? That question is gaining traction after Circle — the company behind stablecoin giant USDC — filed for an initial public offering (IPO) in order to be listed on the New York Stock Exchange under the ticker symbol CRCL. Backed by major underwriters like JPMorgan and Citi, the move could mark a regulatory milestone for how crypto-native firms engage with Wall Street.

In this article, we break down Circle’s IPO plans and financials, and consider whether this development could signal more public listings for the crypto industry.

Key Takeaways:

• Circle’s IPO could set the tone for future crypto listings on Wall Street

• USDC’s market share and Circle’s $1.68B revenue highlight its institutional strength

• Regulatory clarity and political support may accelerate more crypto IPOs in 2025

What are Circle and USDC?

Circle is a US-based financial technology firm founded in 2013 by Jeremy Allaire and Sean Neville. The company specializes in blockchain infrastructure and digital asset issuance, with a focus on integrating crypto rails into traditional finance. Circle is registered with US regulators and operates under a compliance-first framework that appeals to institutional partners.

Its primary product, USDC, is a fiat-backed stablecoin pegged to the US dollar. Each USDC digital dollar is backed 1:1 by cash and short-term US Treasury securities, with reserves attested monthly by independent accounting firm Deloitte & Touche LLP. 

USDC plays a foundational role in decentralized finance (DeFi), cross-border payments and institutional on-chain settlement. It’s currently the second-largest stablecoin by market cap, and is supported across major exchanges and blockchains, including Base, Ethereum, Polygon PoS and Solana. 

Rise of the stablecoin sector

The stablecoin market has grown into a critical pillar of the digital asset ecosystem.

• Market size: Total stablecoin market capitalization now exceeds $236 billion (as of April 2025)

• Usage: Over $33 trillion in on-chain transaction volume was settled over the past 12 months

USDC vs. competitors

Emerging stablecoin developments

The stablecoin sector has seen a surge in institutional interest, with Trump-backed World Liberty Financial preparing to launch a US-linked stablecoin for compliant payment infrastructure. Furthermore, Fidelity Investments is reportedly developing a proprietary stablecoin in order to improve fund settlement and cash management.

These trends underscore growing institutional and political interest in programmable digital dollars on the blockchain.

Understanding Circle’s IPO filing

Circle previously attempted to go public via a $9 billion special-purpose acquisition company (SPAC) merger with Concord Acquisition Corp. in 2021. Ultimately, the merger was canceled due to regulatory delays. 

In 2025, the company has refiled with the SEC to pursue a traditional IPO on the New York Stock Exchange (NYSE) under the ticker CRCL.

Key details include:

• Lead underwriters: JPMorgan Chase and Citi

• Listing venue: NYSE

• Target valuation: $5 billion

• Expected timeline: Mid-2025, subject to SEC approval and market conditions

If successful, Circle could become the first major stablecoin issuer to go public in the US.

Circle’s revenue growth and financials

Circle’s S-1 filing offers insight into the economics of a stablecoin issuer.

• 2024 revenue: $1.68 billion (up from $1.45 billion in 2023)

• 2024 net income: $155.7 million (down from $267.5 million in 2023)

Monetization model:

• Circle earns yield on reserves backing USDC — primarily cash and short-term Treasuries

• This revenue is largely interest income, subject to rate environment and token demand

While Circle’s model is profitable, income is sensitive to interest rate changes and market volatility.

Will Circle’s IPO spark a wave of crypto IPOs?

Circle’s IPO may serve as a turning point, much like Coinbase’s 2021 debut that brought institutional credibility to centralized exchanges (CEXs). However, Circle’s positioning as a regulated stablecoin issuer gives it a distinct institutional profile.

Other crypto firms reportedly considering filing for public listings include Gemini, the US-based exchange founded by the Winklevoss twins; Ripple, the payments firm and XRP holder under CEO Brad Garlinghouse; Kraken, a leading US-based exchange founded by Jesse Powell; Digital Currency Group (DCG), a leading crypto investor and builder founded by CEO Barry Silbert; and Consensys, the blockchain software firm founded by Ethereum co-founder Joseph Lubin. 

Key factors influencing IPO readiness include market conditions, which can help sustain investor interest; regulatory clarity, for token classification and issuer compliance; and political support, such as that of the current US administration, whose pro-crypto stance may reduce barriers to entry. Still, volatility and regulatory overhangs remain, and Circle’s outcome could either embolden or discourage future crypto listings.

Conclusion

Circle’s IPO filing marks a significant moment for the crypto industry, potentially paving the way for a new wave of digital asset companies to access public markets. As a regulated stablecoin issuer with strong financials, Circle could set a precedent for how crypto firms are evaluated and listed. While the move signals growing institutional acceptance, the path ahead remains uncertain, and in addition is subject to regulatory outcomes and broader market conditions.

What do you think — could Circle’s IPO unlock a new chapter for crypto on Wall Street? Join the Learn Community hub discussion and share your thoughts for a chance to win from a 2,500 USDT weekly prize pool.

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