Circle’s IPO: The Crypto Drama You Can’t Miss!

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Circle Internet Financial, the digital powerhouse behind USDC, has decided it’s time to put on its best suit and finally take the plunge into the public market, an offering long awaited by anyone who’s been paying even a sliver of attention to the crypto world.

And who’s helping them? None other than the usual suspects—JPMorgan Chase and Citi. Yes, those two financial giants have been enlisted to grease the wheels and make sure this IPO doesn’t end up like a badly organized party. Sources close to the action spilled the beans to Fortune Crypto, just in case you were wondering how we found out.

Now, don’t get too comfy. While Circle plans to file its public documents by late April, the exact date is as uncertain as your internet connection on a stormy day. Once the paperwork’s in, we might see shares trading in a matter of weeks, assuming the regulatory authorities don’t take their sweet time, as they are wont to do.

Circle’s grand IPO would mark the largest public offering in the crypto sector since Coinbase’s 2021 debut—an event so public, it felt like the financial world’s version of a red carpet. Guess who else was behind that move? Yep, JPMorgan and Citi again. What a coincidence, huh?

Circle’s IPO: Almost Here (Again)

Circle’s attempt to go public isn’t a brand-new idea. Back in 2021, they tried a SPAC merger (a popular trend at the time—until it wasn’t). But, surprise surprise, the SEC (aka the ultimate party pooper) decided to put a big delay on the whole thing. The merger was eventually scrapped in late 2022, just after the collapse of crypto exchange FTX. Who could have predicted that one? Oh, wait…

In early 2024, Circle tried something a little more traditional—an IPO filing in secret, like the financial equivalent of a quiet little secret agent move. It’s expected that the upcoming filing will give the public the first real look at Circle’s financial health and its very important proposed ticker symbol. Will it be memorable? Only time will tell, but let’s be real—who isn’t waiting with bated breath?

Founded in 2013 by Jeremy Allaire and Sean Neville, Circle initially flirted with payments and crypto trading before deciding to put all its eggs in the stablecoin basket by 2018. Enter USDC (its shiny flagship), which originally had a little help from Coinbase. Flash forward to now, and Coinbase is raking in millions—$225.9 million in Q4 2024, to be exact. That’s a nice chunk of change for a partnership that’s evolved in all the right ways.

USDC’s market cap skyrocketed from under $1 billion in 2020 to more than $50 billion by 2022—well, according to Fortune. However, Circle didn’t get to coast through without a few bumps. Remember the liquidity hiccup in 2023 when $3.3 billion of its reserves got stuck at Silicon Valley Bank? Fun times. While USDC recovered its peg to $1, the market cap dropped below $25 billion, only to climb back up to about $60 billion today. Drama, right?

The Stablecoin War

But wait—Circle’s not alone in this stablecoin race. The likes of PayPal and Fidelity are stepping into the ring, bringing competition and even more uncertainty. Oh, and let’s not forget about the ever-looming threat of regulation. Yes, stablecoin legislation is making its rounds in Congress, with the Senate Banking Committee approving a bill in March and a House vote expected in April. If you’re into regulatory drama, this is your season finale.

Even former President Donald Trump is getting in on the action, offering his two cents about stablecoin regulations. If all goes according to plan, a bill could be signed by August. Who knew financial regulations could be this riveting?

So, with a second attempt at the IPO, Circle is hoping to ride the waves of improving market conditions and a little regulatory clarity. Here’s to hoping this time they don’t miss the boat. Cheers to progress, right?

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2025-03-31 18:23