Circle confidentially files for US IPO

Stablecoin issuer Circle is once again looking to go public, this time through an IPO.

article-image

Circle CEO Jeremy Allaire | Eóin Noonan for MoneyConf (CC license)

share

Circle is looking to go public in the US.

The company announced that it had filed the draft registration statement for an initial public offering in the US in a press release. 

Circle, in the release, said the IPO is “expected to take place after the Securities and Exchange Commission completes its review process, subject to market and other conditions.”

“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the press release continued. Reuters first reported the news.

Back in November of last year, Bloomberg reported that the company behind the USDC stablecoin was interested in pursuing an IPO. The media outlet cited unnamed sources at the time. 

This isn’t the first time that Circle’s sought or expressed interest in taking its company public on the US markets. The company previously sought to go public through a special purpose acquisitions company, another route to becoming public that was briefly popular throughout 2020 and 2021.

However, the company abandoned its plans after the collapse of FTX in November 2022.

Read more: Circle’s public listing plans undeterred by latest SEC actions

“We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important,” CEO Jeremy Allaire said at the time. 

In August, the company announced that Coinbase would take a stake in Circle. 

Coinbase also committed to the “long term success of UDC,” with Circle controlling the issuance and governance of the stablecoin. 

USDC is the second-largest stablecoin by supply, with $25.2 billion to Tether’s $94.6 billion.

Updated Jan. 11, 2024 at 8:42 am ET: Added context.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).png

Research

Aave’s revenues have doubled from April lows and are fast approaching all-time highs. With 35% of borrow interest coming from ETH and 55% from stablecoins, Aave is emerging as a powerful proxy as an ETH and stablecoin beta. As looping strategies accelerate growth and Horizon positions the protocol to ride the RWA wave, Aave is shaping up as one of DeFi’s most compelling multi-narrative plays.

article-image

Private testnet aims to deliver low-cost settlement with partners including Visa, Deutsche Bank, and OpenAI

by Blockworks /
article-image

Solana saw $78 million in REV for August

article-image

Lit Protocol’s Vincent is shifting agentic finance from toy demos to production rails

article-image

The new system aims to unify Europe’s fragmented tokenized asset settlement and cut cross-border costs

by Blockworks /
article-image

Tron slashed fees by 60% as Plasma looms, threatening its USDT moat

article-image

The acquisition adds evaluation-based funding to Kraken Pro, giving traders access to capital on performance

by Blockworks /