USDC’s Circle Eyes $5B Valuation In Second Attempt At Public Listing – Retail Remains Bearish
Synopsis
Its first effort, a merger with a special purpose acquisition company (SPAC) in 2021, was abandoned due to regulatory hurdles in late 2022.
Circle Internet Financial, the company behind stablecoin USD Coin (USDC), has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), seeking a valuation between $4 billion and $5 billion.
The company plans to list on the New York Stock Exchange under the ticker symbol CRCL, with JPMorgan Chase and Citigroup acting as lead underwriters.
While the filing did not disclose the initial offering price range or the number of shares to be issued, the move marks Circle’s second attempt to go public.
Its first attempt, a merger with a special purpose acquisition company (SPAC) in 2021, was abandoned due to regulatory hurdles in late 2022.
The filing comes after USDC’s market capitalization surged to hit a record $60 billion last week.
USDC’s market share has expanded to 25.4% from 20.7% in the past three months, with $16.5 billion in new issuance, far outpacing the $4.7 billion in fresh Tether (USDT) supply — its primary competitor in the stablecoin market.
Despite its growth, USDC remains second to Tether (USDT), which dominates the stablecoin market with a $144 billion market cap and accounts for about 63% of the total supply.
On Stocktwits, retail sentiment around USD Coin’s token remained in ‘bearish’ territory as message volume reduced.
Circle became the first stablecoin issuer to comply with Europe’s Markets in Crypto-Assets (MiCA) framework, which took effect on Dec. 31, 2024, while Tether faced delistings due to a lack of an e-money license.
In Japan, Circle secured regulatory approval after two years of discussions.
Meanwhile, U.S. lawmakers are pushing for tighter regulation. The GENIUS Act, currently under review in Congress, proposes stricter reserve and audit requirements.
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