The current administration's deregulatory stance on cryptocurrency is seen as beneficial for Circle's IPO ambitions, especially following previous challenges with the SEC.

Circle has officially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission, marking a significant move into public markets for the issuer of the USDC stablecoin.

Recent regulatory developments have been favorable for stablecoins, with U.S. lawmakers proposing the STABLE Act to enhance oversight and transparency for issuers like Circle.

Currently, Tether dominates the stablecoin market with a share of approximately 70%, while USDC holds about 20%, indicating a competitive challenge for Circle as it prepares for its public listing.

Circle is targeting a valuation between $4 billion and $5 billion, which aligns with reports of a $5 billion valuation in private secondary markets as of mid-2024.

The stablecoin market has seen significant growth, expanding by approximately 11% in 2025 and 47% over the past year, highlighting its increasing importance in the cryptocurrency landscape.

Circle's IPO plans include a three-tier share structure, which differentiates voting rights among Class A, Class B, and Class C shares.

Since its launch in 2018, USDC has facilitated over $25 trillion in on-chain transactions, underscoring its extensive use in payments and as a digital asset value storage.

Despite a reported revenue increase to $1.68 billion in 2024, Circle's net income fell significantly, raising concerns about the sustainability of its business model.

The IPO is expected to intensify competition with established stablecoin issuers, including PayPal, which has recently entered the market with its own stablecoin, PYUSD.

USDC, Circle's stablecoin, is the second-largest USD-pegged stablecoin by market supply, following Tether's USDT, and is backed by cash and short-term Treasury securities.

The company plans to list on the New York Stock Exchange under the ticker 'CRCL', making this its first IPO attempt after setbacks in 2021 and 2022.