Circle, the company behind the $60 billion USDC stablecoin, is making waves on Wall Street as it massively increased the size of its much-hyped IPO. The New York fintech now plans to raise up to $896 million at a fully diluted valuation of $7.2 billion, according to its latest SEC filing. The aggressive move is coming as investor appetite for crypto companies spikes and stablecoin regulation looms in Washington.
The upsized offering will see Circle and its shareholders sell 32 million shares at $27–$28 each, versus the previous 24 million shares at $24–$26. Heavy-hitter investors are lining up: Cathie Wood's ARK Invest is seeking to take $150 million of shares, and BlackRock is reportedly interested in taking 10% of the offering.
The IPO will see Circle list on the NYSE under the ticker "CRCL," the first pure-play stablecoin issuer to make it to the public markets.
Why the Sudden Surge?
Circle's move comes as USDC cements its status as the world's second-biggest stablecoin, with about a quarter of the market globally. With $60 billion in circulation and growing institutional acceptance, USDC is seen as a likely beneficiary of the bipartisan stablecoin legislation winding its way through Congress—potentially unlocking new demand from banks, fintechs, and asset managers.
Circle's business is simple but lucrative: it earns yield on the Treasuries backing each USDC in circulation. Reserve revenue in Q1 2025 rose 55% to $557.9 million, though distribution and transaction costs also rose sharply as the company pushed into new venues through partnerships with Coinbase and others. Nevertheless, the promise of stable, transparent returns is one of the main draws for investors wary of crypto's more esoteric corners.
“Circle’s IPO isn’t just a milestone for one company, it’s a bellwether moment for the entire crypto ecosystem. Watching the issuer of USDC list on the New York Stock Exchange is a sign that digital assets are no longer operating on the margins,” said Austin King, co-founder of Omni Network
Circle vs. Coinbase: The New Crypto IPO Benchmark
Circle’s path to public markets is drawing inevitable comparisons to Coinbase’s blockbuster direct listing in 2021. While Coinbase went public at the height of a bull market with a $100 billion valuation, Circle’s more measured approach—via a traditional IPO and with a focus on regulatory compliance—reflects both the maturing crypto sector and the lessons learned from past volatility.
Unlike Coinbase, which relies on trading fees, Circle's revenue is tied directly to the health and usage of USDC. As regulation of stablecoins advances, say analysts, Circle's transparency and willingness to embrace public scrutiny could make it a leading choice for institutional investors and a model for future crypto IPOs.
Social Buzz
Social media channels lit up as news of Circle’s upsized IPO and $7.2 billion valuation spread, with many in the crypto community framing it as a defining moment for stablecoins and digital assets. Industry voices highlighted the strong investor demand and pointed to USDC’s rising market share, speculating that Circle’s regulatory-first approach is helping win over Wall Street giants like BlackRock.
At the same time, some commentators drew comparisons to Coinbase’s historic listing, noting that Circle’s IPO could set a new benchmark for future crypto public offerings. The consensus online is clear: if USDC adoption continues to climb, Circle’s bold move may look like a bargain in hindsight—and could accelerate the mainstream embrace of stablecoins.
“Circle’s IPO is the next big test for crypto’s mainstream moment. If USDC keeps growing, $7B might look cheap in a year,” tweeted @fintechfrank.
Investor Appetite and Regulatory Winds
The supersized IPO is a sure sign that Wall Street's appetite for digital assets is heating up again. As the Biden administration's regulatory stance mellows and the GENIUS Act stablecoin bill gains traction, Circle's timing is looking shrewd. If the bill passes, USDC can expect a wave of institutional adoption, which will further boost Circle's prospects.
Still. Risks remain. Circle's profit margins are a product of interest rates and its revenue-sharing arrangement with Coinbase, which dispersed nearly $908 million last year. If rates fall or competition heats up, margins would become squeezed. But for now, the market appears to be starving for a taste of the stablecoin action."
The final answer is:
As Circle prepares to ring the NYSE bell, the world is holding its collective breath for USDC's next chapter—and whether this IPO will pave the way for the future of crypto finance.
