IPO Circle: A key milestone for cryptocurrencies and Wall Street

Circle, issuer of the second largest stablecoin USDC, is preparing an IPO with a price of $24-26 per share and potential proceeds of up to $624 million. The IPO is backed by top banks including J.P. Morgan, Goldman Sachs and Citigroup, and symbolizes an ambition to connect the crypto world with traditional finance through transparency and regulation.

The number of Class A shares:

24 million (9.6M new, 14.4M existing)

Subscription options

Up to 3.6 million additional shares

Price range

24-26 USD per share

Maximum yield (if option exercised)

USD 624 million

Company valuation

USD 6.7 billion

Note: The yield for Circle is from newly issued shares only.

IPO leads:

• J.P. Morgan
• Goldman Sachs
• Citigroup

Other big players: Barclays, Deutsche Bank, Société Générale

Co-Managers: BNY Capital Markets, Canaccord Genuity, Oppenheimer, etc.

This indicates a high level of trust of the traditional banking sector in a company that was created in the crypto space.

• Rejection of acquisition by Ripple (USD 4-5 billion) = emphasis on independence
• Path to IPO instead of SPAC = Emphasis on seriousness and longevity
• Acquired license in Abu Dhabi, expansion outside the US
• Collaboration with Hub71 = Stablecoin testing in accordance with local legislation

• Circle wants to use IPO to build credibility with investors and regulators
• CEO Jeremy Allaire: IPO should be a signal of accountability
• Unlike Tether (USDT), which remains non-public and less transparent

• Official request: May 27, 2025
• Expected IPO: Q4 2025 to 2026, subject to SEC approval process
• The IPO is a second chance after the failed SPAC attempt in 2022

Circle's IPO is a strategic move that redefines the role of stablecoin firms in the financial ecosystem. While Tether is playing "defensively", Circle is targeting institutional trust, regulatory acceptance and long-term brand building.

• The opportunity to invest in the infrastructure of the digital economy
• Better access to USDC accounting data - transparent reserve earnings
• Signal to other crypto firms: exchange = reputation