Circle Internet Group Inc. Files S-1 with the SEC to Go Public

The company behind the popular USDC stablecoin announced today that it has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for an initial public offering.

Circle Internet Group Inc., the company behind the popular USDC stablecoin, has filed for an initial public offering with the U.S. Securities and Exchange Commission.

The company had confidentially filed for an IPO in January 2024 after having failed to go public via a merger with a special-purpose acquisition company in 2022. To say that Circle’s public listing has been a long time in the making is an understatement.

The company’s S-1 registration statement, declared today, does not specify the number of shares to be sold or the anticipated price range. However, the filing provides further details about Circle itself.

The company reported revenue and reserve income of about $1.68 billion in 2024, up from $1.45 billion in 2023 and $772 million in 2022. It also reported a net income last year of about $156 million, down from $268 million a year earlier.

Founded in 2013, Circle specializes in digital currency services. Its flagship product, USD Coin (USDC), is a stablecoin — one pegged to the U.S. dollar and designed to facilitate secure and efficient digital transactions. In terms of market capitalization, USDC is currently the second most popular stablecoin, trailing Tether, also known as USDT, and the seventh most popular cryptocurrency overall, according to CoinMarketCap.

Apart from issuing USDC, Circle provides a suite of services to support businesses and developers in integrating digital currencies into their operations. The services include application programming interfaces for payments that support the acceptance and processing of USDC transactions and infrastructure solutions for managing digital assets.

Circle also offers a programmable Web3 wallet platform that allows users to store, send and receive cryptocurrencies securely. The platform aims to foster the adoption of decentralized finance by simplifying user interactions with blockchain-based assets.

The company is embarking on its IPO journey at a time of high market volatility and ongoing low IPO rates. Among the few IPO entrants this year is CoreWeave Inc., which had its Nasdaq listing last week to mixed results, though the company is trading ahead of its IPO price after a massive price rise today. CoreWeave began as a cryptocurrency mining firm before pivoting to cloud computing infrastructure.

However, Circle’s IPO does come at a time of improving regulatory support for cryptocurrency and stablecoins. The U.S. House Financial Services Committee kicked off hearings to regulate stablecoins in March, with The Block reporting that the committee is set to vote on a regulation bill as soon as tomorrow. A Senate committee also reportedly passed its own version, dubbed GENIUS, in March.

Image: SiliconANGLE/Reve

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