Circle Internet Financial, the company behind the USDC stablecoin, said on Monday it has increased the size of its initial public offering, now targeting a fully diluted valuation of up to $7.2 billion.
The New York-based fintech firm and some of its existing investors are looking to raise as much as $896 million from 32 million shares, priced between $27 and $28 each — up from an earlier offering of 24 million shares priced between $24 and $26.
The revised IPO plans signal a resurgence of investor appetite for regulated crypto firms, helped by a more welcoming political environment under President Donald Trump, whose administration has promised clearer and friendlier rules for the sector. Circle is expected to list on the New York Stock Exchange later this week under the ticker “CRCL”, with J.P. Morgan, Citigroup, and Goldman Sachs acting as lead underwriters.
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From SPAC Collapse to Wall Street Listing
Circle’s road to an IPO has been anything but smooth. The company initially announced plans to go public in 2021 through a $9 billion merger with Concord Acquisition Corp, a special purpose acquisition company (SPAC). At the time, the move was hailed as a breakthrough moment for stablecoins, which were gaining popularity among crypto traders and fintech platforms.
But that deal collapsed in December 2022, after delays in securing regulatory approvals — a setback many in the crypto space blamed on the Biden-era clampdown on digital assets. The SEC’s slow movement and growing scrutiny of crypto firms made it nearly impossible for Circle to complete the merger within the required timeframe. The failed SPAC was a turning point, reinforcing concerns that U.S. crypto firms faced a hostile environment that was pushing innovation offshore.
Now, under a Trump-led administration that has repeatedly pledged to scale back enforcement-heavy tactics and roll out a stablecoin bill, Circle is seizing what it views as a more favorable moment. The firm’s renewed IPO effort comes amid a broader push by U.S.-based crypto companies to return to domestic capital markets, encouraged by the promise of regulatory clarity and market access.
Stablecoin Boom and Financials
Circle’s flagship product, USDC, is the second-largest stablecoin globally, maintaining a 1:1 peg to the U.S. dollar and backed primarily by short-term U.S. Treasuries. USDC is widely used for transferring funds between tokens and across platforms and is increasingly being adopted in cross-border payments and institutional finance.
With interest rates remaining high, Circle’s reserve income — generated from yields on U.S. Treasuries — surged 55.1% to $557.9 million in the quarter ending March 31. However, the company also saw a 68.2% jump in distribution and transaction costs, largely due to its partnerships with Coinbase and other distributors.
The rising costs have tempered profit margins, but Circle executives remain confident that the IPO will support long-term growth and scalability.
Regulatory Tailwinds and Institutional Adoption
Much of the optimism around Circle’s IPO is tied to expectations that Congress will soon pass a stablecoin regulation bill, which is seen as a catalyst for increased institutional involvement. The legislation would set clear standards for how reserve-backed tokens like USDC operate, helping to distinguish regulated issuers like Circle from offshore players with opaque reserves.
Some analysts believe that USDC is already well-regarded for its transparency and regulatory alignment. If the bill passes, Circle is positioned to become the go-to issuer for institutional stablecoin use in the U.S.
That regulatory support is now more likely under President Trump, who has previously criticized the overregulation of the crypto industry and voiced support for digital innovation in the financial sector. Several crypto initiatives are tied to Trump-linked campaigns, and the administration has signaled a willingness to bring crypto players back into the fold after a period of regulatory flight.