Stablecoin giant Circle (USDC) is gearing up for its Initial Public Offering (IPO)

This filing marks Circle’s first actual attempt at a traditional IPO after a previous SPAC merger was terminated in 2021.

Stablecoin behemoth Circle (USDC) is preparing for its highly anticipated Initial Public Offering (IPO).

The company has filed an S-1 registration statement with the US Securities and Investment Commission (SEC). This move initiates the legal process for Circle to offer Class A shares on the New York Stock Exchange (NYSE) at an undisclosed price per share. The company’s stock will be traded under the ticker symbol CRCL.

Crucially, the IPO features a three-tier share structure. Public investors will receive one vote per share through Class A shares.

However, co-founders Jeremy Allaire and Sean Neville will hold Class B shares, granting five votes per share but capped at 30% of total voting power.

Additionally, non-voting Class C shares, convertible under specific conditions, have been issued.

The underwriters for the offering are JPMorgan Chase and Citigroup, who also possess a 30-day option to purchase additional shares to cover over-allotments.

This filing marks Circle’s first actual attempt at a traditional IPO after a previous SPAC merger was terminated in 2021. Circle’s public listing comes at a time when market interest in crypto-native firms is high.

In the US, stablecoins are a target for politicians with the recent introduction of the Hagerty Stablecoin Bill.

Australian Trading Platform Swyftx Acquires New Zealand’s Largest Crypto Exchange

The registration filing highlights rising revenue for Circle. For the fiscal year ending December 31, 2023, the company reports total revenue and reserve income of US$1.68B. This marks an increase from US$1.45B in 2023 and US$772M in 2022, driven mainly by interest income from assets backing USDC.

The filing does not yet finalize details regarding outstanding weighted average shares or earnings-per-share figures. This information will be included in a later filing.

The IPO is contingent upon market conditions and regulatory approval. Once these factors are in place, and the relevant paperwork is completed, the IPO will proceed.