Overview

• Circle Internet Financial has officially filed an S-1 form with the SEC to go public on the New York Stock Exchange under the ticker symbol 'CRCL'.
• The company seeks a valuation between $4 billion and $5 billion, a significant drop from its previous $9 billion SPAC valuation attempt in 2022.
• USDC, Circle's stablecoin with a $60 billion market cap, is the second-largest globally, competing with Tether and newer entrants like PayPal's stablecoin.
• In 2024, Circle reported $1.68 billion in revenue, with 99% derived from interest income on USDC reserves, highlighting its dependency on interest rates.
• The IPO aligns with a favorable regulatory environment under the Trump administration, which has supported stablecoin legislation to strengthen U.S. financial dominance.