Circles IPO Values USDC Stablecoin Issuer at $6.9 Billion After Raising $1.1 Billion

Circle has successfully raised $1.1 billion, nearly double the initial expectations. The company’s public offering on the NYSE for its common stock associated with the USDC token saw an impressive 25-fold oversubscription, according to sources cited by Bloomberg.

On June 5, Circle officially listed its shares on the NYSE, trading under the ticker CRCL.

CEO Jeremy Allaire described the transition to a public company as a «significant and powerful milestone,» expressing his belief that the world is ready for a shift toward a «financial system of the internet.»

Allaire emphasized Circle’s commitment to trust, transparency, regulatory compliance, and ethical governance, noting that meeting NYSE and SEC standards will enhance these attributes.

The final fully diluted valuation (FDV) reached $8.1 billion.

Circle and its investors, including Allaire, sold a total of 34 million Class A shares at $31 each.

Leading the underwriting team were JPMorgan, Citigroup, and Goldman Sachs.

Initially, the company aimed to raise around $600 million, with a share price set between $24 and $26, valuing the company at $5.4 billion.

Just two days prior, Circle increased its fundraising goal to $896 million with a projected market cap of $7.2 billion at the higher end.

In early April, the IPO was delayed indefinitely due to market uncertainties stemming from President Trump’s review of trade tariffs.

Subsequently, reports emerged suggesting that Circle might abandon its IPO plans in favor of selling the business for $5 billion, with negotiations reportedly taking place with Coinbase and Ripple. The latter attempted to acquire Circle for $4-5 billion, but the offer was rejected due to an insufficient amount.

Coinbase had previously partnered with Circle in the Center consortium, which was responsible for issuing USDC. In August 2023, this consortium was dissolved following Coinbase’s acquisition of a minority stake in Circle, allowing Circle to assume the role of the sole issuer of the stablecoin.

In July 2021, Circle announced plans to go public through a reverse merger with Concord Acquisition Corp., with its shares to trade under the ticker CRCL on the NYSE.

At the end of 2022, Circle terminated its deal with the SPAC after the collapse of FTX negatively impacted the digital asset markets, dampening Wall Street’s interest in crypto companies.

Before the merger, Circle’s valuation was approximately $4.5 billion, but by February 2022, this figure had risen to $9 billion following approval of a new agreement by both companies’ boards. The transaction was expected to close by December 8, with the option to extend to January 31, 2023.

In February 2023, CFO Jeremy Fox-Djin emphasized that the firm remained committed to pursuing its public listing as soon as market conditions improved.

By November of the same year, Bloomberg reported that discussions around an IPO eventually resurfaced. In January 2024, Circle submitted a confidential filing for its IPO in the U.S.

In June 2025, the total market capitalization of stablecoins surpassed $250 billion for the first time, with Tether’s USDT leading at over $153 billion, followed by Circle’s USDC at $61.4 billion.

Citigroup forecasted the market cap of stablecoins to reach $3.7 trillion within five years, while Standard Chartered estimated it would reach around $2 trillion by 2028.

Circle’s IPO coincided with a shifting regulatory landscape for stablecoins. On May 19, the Senate advanced the GENIUS Act aimed at creating a legal framework for dollar-pegged cryptocurrencies, receiving support from Trump.

The proposed legislation mandates that stablecoins be fully backed by U.S. dollars or highly liquid assets, with issuers having a market cap exceeding $50 billion required to undergo annual audits.

On May 22, the WSJ reported that a consortium of major U.S. banks, including JPMorgan, Bank of America, and Citigroup, was discussing the creation of a joint stablecoin.

In April, Circle launched a new payment product for cross-border transactions as an alternative to Visa and Mastercard.

Previously, CEO Kevin Lehtiniitty of Borderless warned Circle about potential risks to its market position with its IPO debut.

To recall, the listing price for shares of trading platform eToro reached $52 in May, surpassing the initial IPO range of $46-50 due to strong demand.

Similar IPO plans are also in the works for Gemini and Kraken.