Circle Engages JPMorgan and Citi for Upcoming IPO

Circle Internet Financial, the company behind the USDC stablecoin, has reportedly enlisted financial giants JPMorgan Chase and Citi to lead its initial public offering (IPO) efforts, with plans to file publicly by late April. The firm is targeting a valuation between $4 billion and $5 billion.

This development follows Circle’s earlier attempt in 2021 to go public through a $9 billion special purpose acquisition company (SPAC) merger, which ultimately did not materialize. In January 2024, the company confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC), signaling its renewed commitment to becoming a publicly traded entity.

In preparation for its public debut, Circle announced plans in September 2024 to relocate its global headquarters from Boston to New York City, establishing its base at One World Trade Center in early 2025. CEO Jeremy Allaire emphasized that this move symbolizes the company’s dedication to trust, security, and stability within the financial sector.

Circle’s IPO ambitions coincide with a more favorable regulatory environment for cryptocurrency firms. The anticipated shift in the U.S. administration has led to expectations of more accommodating policies toward digital assets, potentially facilitating the public listing process for companies like Circle.

As the issuer of USDC, the world’s second-largest stablecoin, Circle has played a pivotal role in the cryptocurrency ecosystem. With approximately $35 billion worth of USDC tokens in circulation, the company’s transition to a publicly traded entity is poised to have significant implications for both the crypto industry and traditional financial markets.