Circle Internet Group, the issuer of the USDC stablecoin, has successfully completed its initial public offering (IPO). This marks a significant milestone in the development of the crypto and fintech sectors. The company’s shares will be available for purchase on the XTB platform starting today.
📈 Key IPO Information
- Ticker: CRCL
- Exchange: New York Stock Exchange (NYSE)
- IPO date: June 5, 2025
- Final offer price: $31 per share (above the projected $27–28 range)
- Number of shares: 34 million (14.8 million new Circle shares; 19.2 million from existing shareholders)
- Proceeds raised: approx. $1.1 billion
- Valuation: approx. $6.9 billion; fully diluted valuation near $8 billion
Circle is a global tech company operating in the fintech space within the cryptocurrency sector, specifically focused on stablecoins. Its main product is the USDC stablecoin, pegged 1:1 to the U.S. dollar. The company filed its S-1 prospectus with the SEC in January 2024, with public updates released in April and May 2025.
Financials
- Revenue: In 2024, Circle generated $1.68 billion in revenue – mainly from interest earned on USDC reserves (U.S. Treasury bonds). In Q1 2025, reserve-based revenue rose 55% to $557 million.
- Net income: $155 million in 2024 – a 42% decline y/y from $268 million in 2023; profitability remains strong compared to a significant loss in 2022.
- Adjusted EBITDA: $284 million in 2024, down 29% y/y
- Costs: Distribution and transaction costs rose 68.2% in Q1 2025, mainly due to partnerships with Coinbase and other distributors.
- USDC capitalization: Currently at $61 billion and at an all-time high, surpassing the 2021 bull market peak of $56 billion.
- Revenue model: Primarily interest on reserves, similar to Tether; additionally, transaction fees and platform services.
Management outlook and strategy
Circle aims to capitalize on growing adoption of stablecoins in commerce, cross-border payments, and institutional finance. The U.S. GENIUS bill may provide USDC with a regulatory advantage in global settlements. The main competition for USDC includes Tether (USDT, ~$154 billion in capitalization), Ripple, and potential stablecoins from major banks once a stablecoin bill is passed. In 2025, the company also launched the Circle Payments Network – a system for instant stablecoin settlement for banks, neobanks, and digital wallets.
- Market share: USDC holds approx. 24.4% of the stablecoin market, which currently totals $250 billion
- Diversification efforts: Circle is expanding into payment services, including the launch of the Circle Payments Network (CPN), to reduce reliance on reserve-based revenue
Regulatory environment 🏛️
Circle’s IPO comes amid a more favorable U.S. regulatory stance on crypto. The GENIUS bill aims to establish clear rules for stablecoins, which may benefit compliant firms like Circle while also introducing new competition from the banking sector.
Valuation
Assuming a net income of $155 million in 2024, the price-to-earnings (PE) ratio is approximately 44, placing Circle among higher-valued fintech firms.
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