USDC Issuer Circle Finally Files for IPO, Listing “CRCL” Stock on NYSE

This development comes as the firm puts to rest the rumors of a potential acquisition by Coinbase or Ripple.

The rumors are finally true: USDC stablecoin issuer Circle has finally applied for the Initial Public Offering (IPO) for listing “CRCL” stock on the New York Stock Exchange (NYSE). This development comes as the firm puts to rest the rumors of a potential acquisition by Coinbase or Ripple. Furthermore, the announcement comes just as the stablecoin bill aka GENIUS Act, is just one step away from becoming a law.

Circle Files for IPO And Listing on NYSE

Circle Internet, renowned as the issuer of the USDC stablecoin, has announced its plans to seek a valuation of up to $5.65 billion through its U.S. initial public offering (IPO). The company aims to sell approximately 9.6 million shares, while existing shareholders intend to offload an additional 14.4 million shares.

The company’s stock will be listed on the New York Stock Exchange (NYSE) under the ticker “CRCL” pending final approval. As per the official press release, each CRCL stock will be priced between $24 and $26, and the offering is expected to raise up to $624 million. Some of the top banking giants like Goldman Sachs, Citigroup, JPMorgan, and others will be bookrunners for this IPO.

The Circle IPO announcement comes soon after the firm dismissed rumors of a possible Ripple buyout, which were reported earlier this week. Moreover, the deal didn’t go through as Ripple’s bid proved to be very low or insufficient for the stablecoin firm. Decentralized prediction market Polymarket puts the odds of approval at 90%, jumping from 70% 24 hours before.

Stablecoin Market To See Growing Competition

In recent weeks, US lawmakers have been actively pursuing to pass the stablecoin bill aka GENIUS Act to bring official legislation for USD-pegged digital assets. Some of the top crypto firms, like Coinbase and Ripple, are looking to grab some market share. A recent survey by Citigroup stated that the stablecoin market size could grow to $1.6 trillion by 2030.

With USDC, Circle is currently the second biggest player in this space after Tether. However, established players like Ripple have recently launched their RLUSD stablecoin, which has already attained more than $300 million market cap. On the other hand, big Wall Street banks are exploring a joint stablecoin collaboration, which could pose risks to already existing players, per Arthur Hayes.