Circle partners JP Morgan Chase, Citi for 2025 IPO filing
Circle Internet Financial, the company behind the USD Coin (USDC) stablecoin, is preparing to file for an initial public offering (IPO) in late April and has enlisted the support of banking giants JP Morgan Chase and Citigroup to lead the effort.
The IPO filing marks the firm’s latest push to go public after previous attempts were either abandoned or delayed, reports Fortune.
While the filing is expected before the end of April, sources cautioned that the timeline may still shift depending on regulatory developments. If Circle proceeds as planned, trading of its shares could begin as early as four weeks after the filing, although the exact schedule will depend on the Securities and Exchange Commission’s (SEC) review process.
Previous attempts and renewed strategy
This is not Circle’s first effort to enter the public markets. In 2021, the firm attempted a merger with a special purpose acquisition company (SPAC) to fast-track its listing, but the deal fell through. In 2024, it submitted a confidential draft registration (S-1) with the SEC, signaling its continued interest in a traditional IPO.
The move comes amid a broader wave of IPO activity from crypto-native firms under what many see as a more favorable regulatory environment. Other companies—including Kraken, Gemini, and BitGo—are also preparing for potential listings in 2025.
A major player in the stablecoin space
Circle is best known for issuing USDC, the second-largest dollar-pegged stablecoin by market capitalization after Tether’s USDT. As of March 2025, USDC has a circulating supply of over $30 billion. Stablecoins have become critical infrastructure in decentralized finance and global payments, and Circle’s public listing could further solidify its role as a cornerstone of the crypto economy.
While JP Morgan declined to comment on the report, both Citi and Circle have yet to issue official statements. Market observers will now be watching closely to see how Circle’s IPO progresses—and how it may influence broader crypto market sentiment.
Meanwhile, stablecoins and RWAs are attracting investors amid concerns over Trump’s tariff plans.
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