Report: Circle Internet Financial Taps JPMorgan, Citi for Delayed IPO

Stablecoin Issuer Circle Reportedly Advances IPO Plans With Wall Street Banks

The Boston-rooted financial innovator intends to unveil IPO documentation publicly by late April 2025, targeting a market debut approximately one month later, though plans remain adaptable. A Fortune report notes that this endeavor represents Circle’s renewed ambition to enter public markets after a 2021 SPAC merger unraveled amid regulatory complexities and crypto-sector turbulence.

Circle discreetly initiated filings for a conventional IPO in January 2024 but will soon reveal fiscal specifics, notably its pronounced dependence on earnings from reserves anchoring USDC, per Fortune. Preliminary 2023 metrics indicated that 99% of income stemmed from interest accrued on these holdings, inviting scrutiny over the firm’s revenue diversity.

Fortune reporters Luisa Beltran and Leo Schwartz highlight Circle’s pursuit of a $4 billion to $5 billion valuation—a notable retreat from its $9 billion zenith during the aborted SPAC endeavor. Private transactions in 2023 pegged the firm at nearly $5 billion, while its marquee product, USDC, recently eclipsed a $60 billion market capitalization.

USDC currently trails tether (USDT) as the globe’s second-most prominent stablecoin. Launched in 2013, Circle has secured $1.1 billion from backers, including Blackrock and Coinbase, which splits USDC revenue. The IPO could emerge as the most significant crypto-sector listing since Coinbase’s 2021 entrance. Meanwhile, digital asset platform Kraken eyes its own public offering in early 2026.