Circle Takes USDC Public — IPO Filing Targets NYSE Listing

Circle is going public. On May 27, 2025, the company-issuer behind USDC filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE). They plan to list 24 million Class A shares under the ticker CRCL.

Here’s how Circle’s IPO is structured:

• 9.6 million primary shares offered to new investors;
• 14.4 million secondary shares from existing stakeholders;
• A 3.6 million-share greenshoe option available to underwriters for 30 days.

IPO Circle is backed by a heavyweight lineup of investment banks. U.S. representatives include JPMorgan, Citigroup, and Goldman Sachs. The European contingent features Barclays, Deutsche Bank Securities, and Société Générale.

Check this out: Circle Files IPO After $1.68B Year, Targets Stablecoin Market Expansion

IPO Trends and Institutional Stablecoin Adoption

Circle’s decision to go public represents a critical milestone for the institutional adoption of stablecoins. As the issuer of USDC, the world’s second-largest stablecoin by market cap, Circle supports key functions across DeFi, international payments, and corporate finance.

Listing on a U.S. exchange means greater transparency, regulatory alignment, and compliance with public company standards — all essential for building trust with regulators and institutional partners. The IPO could mark a turning point in the integration of stablecoins into mainstream financial infrastructure.

Of Interest: Senate Banking Committee Passes Stablecoin Bill: What the Genius Act Means

Circle’s public move might nudge competitors like Paxos — and maybe even Tether — to consider their own listing plans or steps toward regulatory alignment with the SEC.

A strong NYSE debut would give Circle fresh capital and serious leverage — boosting its global presence and giving it more weight in talks with banks, regulators, and cross-border partners.