Circle, the issuer of USDC, a stablecoin pegged to the U.S. dollar, has filed to go public. The company's 2024 revenue and reserve income was $1.68 billion, up from $1.45 billion the year prior, with a net income of $156 million, down from $268 million in 2023.
This marks Circle's second attempt at a public listing, having previously tried to combine with a SPAC in 2022 but abandoning the plans due to SEC delays. The previous SPAC deal valued Circle at $9 billion. Renaissance Capital estimates the company will attempt to raise $750 million in its offering.
Key investors with more than 5% ownership include Accel, General Catalyst, Breyer, IDG Capital, and Oak Investment Partners. The filing indicates that Circle USDC in circulation are valued at $60 billion. The IPO is planned amidst increasing support for crypto assets.