Circle, the company behind the world's second-largest stablecoin, is going public.

After a failed SPAC merger in 2022, Circle has filed to list on the New York Stock Exchange under the ticker CRCL.

Circle, the company behind the world’s second-largest stablecoin, is going public in a second attempt. But this IPO concerns more than balance sheets and market caps, it’s a daring wager on Washington’s changing attitude toward crypto.

After a failed SPAC merger in 2022, Circle has filed to list on the New York Stock Exchange under the ticker CRCL. The company, known for its USD stablecoin, USDC, plans to sell 90 million shares at a price of $18 to $21 each, aiming for a valuation of around $9 billion.

The numbers look solid, as Circle generated $1.66 billion in revenue last year, mostly from interest on reserves backing its USDC coin. However, net income fell to $156 million as Circle spent heavily – $1 billion in fees and incentives – to stay competitive.

Still, the real story isn’t in the financials. It’s in the timing.

This planned IPO landed just months after Donald Trump returned to the White House, promising to make the U.S. “the crypto capital of the planet.” His administration has already taken steps in that direction, dropping most regulatory cases against crypto firms and signaling openness to a clear legal framework for stablecoins.

Congress, meanwhile, is inching closer to passing long-awaited legislation that could legitimize players like Circle.

For Circle, the political winds have shifted. Once on shaky ground with regulators, the company is now big enough to attract institutional partners such as BlackRock (NYSE:BLK), Fidelity, and JPMorgan (NYSE:JPM) but still agile enough to ride the momentum of a more favorable climate.

Going public now isn’t just about raising money, it’s a credibility play. CEO Jeremy Allaire called it a move toward “greater transparency and accountability,” but it’s also a bet that Wall Street is finally ready to embrace stablecoins.

In other words, Circle isn’t just selling stock, it’s selling a future where crypto has a permanent seat at the U.S. financial table.

But there are plenty of risks. Interest rates, which are a big driver of Circle’s revenue, are expected to drop this year, which could hit profits.

Also, competition is fierce: Tether, the top stablecoin, is more than twice Circle’s size. Plus, crypto’s reputation remains volatile, and another scandal or collapse could spook investors all over again.

Nevertheless, the bigger shift can’t be ignored. This is the first major crypto IPO in the Trump 2.0 era, and it’s already prompting others, like Kraken, to begin preparations for their own listings. It’s hard to imagine that the SEC was cracking down on digital assets just two years ago. Today, JPMorgan and Citi are leading crypto IPOs.

Circle’s IPO is a test of its business model and whether a friendlier Washington can turn crypto from a fringe experiment into a mainstream financial tool. If it succeeds, Circle will not be the only winner. It will be a green light to the rest of the industry, a sign that the U.S. is again open to the crypto business.

The following comparison chart shows the notable stock associated with blockchain and cryptocurrency in general.