KEY TAKEAWAYS
Circle, the company behind the USDC stablecoin , has filed for a U.S. initial public offering , becoming the latest tech firm that is aiming to test the market as tariff uncertainty and worries about the economy’s health weigh on investors.
In its prospectus filed with the Securities and Exchange Commission on Tuesday, Circle said it plans to list on the New York Stock Exchange under ticker symbol “CRCL.” A stablecoin is a cryptocurrency whose value is pegged, or tied, to that of another currency, commodity, or financial instrument and so tends to be less volatile than other digital assets like Bitcoin. USDC, which was launched in 2018, is backed by U.S. dollar assets.
Circle, which had previously announced plans to go public in 2021 via a
SPAC
merger, said in Tuesday's SEC filing that its net income last year was $155.7 million, down from $267.5 million a year earlier. It had $1.68 billion in revenue and reserve income in 2024, versus $1.45 billion in 2023.
Circle will be braving a volatile
IPO market
along with tech firms like
buy now, pay later giant Klarna
,
ticket reseller StubHub
, and
online trading platform eToro
, all of which filed IPO paperwork last month. IPOs have had a mixed performance in recent days. Nvidia-backed cloud computing company CoreWeave (
CRWV
) had a
disappointing
debut in the biggest U.S. tech IPO since 2023 though is now trading above its $40 IPO price. Meanwhile, conservative news channel Newsmax's (
NMAX
) shares surged on their first trading day Monday.
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