Circle, the issuer of the USDC stablecoin, has filed for an IPO with the US Securities and Exchange Commission (SEC).
The company intends to debut its shares on the New York Stock Exchange under the ticker symbol “CRCL,” a regulatory filing showed.
It did not disclose how much it intends to raise through its IPO, but reportedly Circle is targeting a valuation between $4 billion and $5 billion.
The company said in the SEC filing that its net income in 2024 was $155.7 million, down from $267.5 million in the previous year.
Revenue and reserve income was $1.68 billion in 2024, compared to $1.45 billion in 2023.
This will be Circle’s second attempt to go public after a SPAC merger in 2021 failed due to regulatory challenges.
Backed by US dollar assets, USDC is the second-largest stablecoin globally with a market cap of $60 billion.