Circle makes IPO filing with SEC as stablecoin regulation gains traction

Key Takeaways

Circle has filed for an IPO with SEC to list on NYSE under the ticker CRCL.
The IPO comes as Congress advances stablecoin legislation and Trump-backed World Liberty Financial announces plans to launch a stablecoin.

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Circle, issuer of the second largest stablecoin USDC, filed for an initial public offering with the SEC today, seeking to list on the New York Stock Exchange under the ticker “CRCL.”

This marks the company’s second attempt to go public following a terminated SPAC deal in 2022.

The company reported $1.7 billion in revenue and reserve income in 2024, with $156 million in net income. The IPO will include both primary shares from Circle and secondary shares from existing shareholders.

Founded in 2013, Circle’s USDC stablecoin has been used in over $25 trillion of on-chain transactions since launch.

According to CoinGecko data, USDC maintains a market capitalization of $60 billion. Tether, the company behind USDT, remains the largest stablecoin issuer by market cap, with USDT currently valued at $143 billion.

Circle’s decision to pursue a public listing aligns with increasing policy clarity in Washington around stablecoins.

Last week, the House of Representatives released the full text of the 2025 STABLE Act, following Senate markup of a parallel bill.

President Donald Trump’s administration has also endorsed stablecoins as a strategic tool for maintaining US financial leadership, with Trump and Treasury Secretary Scott Bessent both highlighting their role in sustaining dollar dominance.

Adding to that momentum, World Liberty Financial, a DeFi project backed by the Trump administration, revealed plans to issue its own stablecoin, reinforcing the White House’s active engagement in the sector.

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