Circle Internet Group, the issuer of the USDC stablecoin, has officially filed with the U.S. Securities and Exchange Commission (SEC) to go public on the New York Stock Exchange (NYSE) by late April. The company's A-class common shares will trade under the ticker symbol "CRCL."
Key IPO Details
- Submission Date: April 1 (S-1 registration statement)
- Exchange: New York Stock Exchange (NYSE)
- Stock Symbol: CRCL
- Offering Size: Not yet disclosed (number of shares and target IPO price remain unspecified)
Financial Performance Highlights
- 2024 Revenue: $1.67 billion (16% year-over-year growth)
- 2024 Net Income: $155.6 million (41.8% decline from 2023)
- 2022 Record: $761.7 million net loss
- Primary Revenue Source: 99% from stablecoin reserves, including interest-bearing U.S. Treasury bills
👉 Explore how Circle’s IPO could reshape the stablecoin market
Distribution Costs and Partnerships
Circle paid $908 million in 2024 to its key distributor, Coinbase, for USDC circulation on the crypto exchange. Analysts note:
- Nick van Eck (Agora CEO): "Coinbase profits more from USDC than Circle."
- Matthew Sigel (VanEck): "High distribution costs explain declining EBITDA despite revenue growth."
Crypto Holdings and Expansion
Circle’s portfolio includes:
- $6.2M in Bitcoin (BTC)
- $5.6M in Sui (SUI)
- $3.3M+ in Ethereum (ETH)
- Smaller positions in Sei (SEI), Aptos (APT), and Optimism (OP)
Recent Milestones
- Japan Approval: First stablecoin issuer approved by Japanese regulators (March 25). USDC launched on SBI VC Trade on March 26.
- Market Position: USDC is the second-largest stablecoin ($60.1B market cap), trailing only Tether (USDT) at $143.9B.
FAQs
Why did Circle’s net income drop in 2024?
Despite revenue growth, higher distribution costs (e.g., payments to Coinbase) and operational expenses reduced profitability.
What assets back USDC?
Primarily cash equivalents and short-duration U.S. Treasuries, with additional yield from other crypto holdings.
What’s next for Circle?
The IPO could accelerate global adoption of USDC, especially after its recent regulatory approval in Japan.