Circle files for IPO as crypto’s mainstream push continues

Stablecoin firm Circle has finally filed for an IPO, after much speculation around it, according to an SEC filing. 

The filing comes at a time of a renewed interest in stablecoins — a type of crypto pegged to an asset, generally a fiat currency like the dollar, though they can also be pegged to a commodity like gold. 

The move by Circle, which issues USDC, the world’s second-largest stablecoin by market cap, also underscores the renewed activity in the crypto IPO space. Last week, trading platform eToro filed for an IPO, and crypto exchange Kraken is also rumored to be mulling a public offering.

Underwriters include JPMorgan, Citigroup, Barclays, and Societe Generale, the filing shows. 

“To understand Circle and its potential, I want to take you through the journey I’ve been on, how it led to the vision behind the founding of Circle, and the path of execution that leads us here today. I also want to share with you my thoughts on what it means for Circle to become a public company, and how I think about Circle’s role in the global financial system in the coming decade,” Circle founder Jeremy Allaire wrote in the SEC filing.

As The Block reported, this is Circle’s second attempt at going public. The first one, via a SPAC, collapsed in late 2022 amid regulatory challenges, according to the report.

Stablecoins are having a moment, from being top of mind at the Crypto Summit to World Liberty Financial, the Trump-backed DeFi crypto project, announcing the launch of a stablecoin just last week.

“The Circle IPO is one of the handful of private crypto companies looking to go public in the upcoming quarters, and its IPO is timely with the push for updated stablecoin regulation,” Alan Orwick, cofounder of scalable and programmable proof-of-work blockchain Quai Network, told Sherwood News.