Circle Files for $5.65B IPO, Ending Buyout Rumors

Circle, the company behind the USDC stablecoin, has officially filed for an Initial Public Offering (IPO). The firm plans to list its shares on the New York Stock Exchange under the “CRCL.” 

This move ends rumors that companies like Coinbase or Ripple might buy Circle. It also comes when U.S. lawmakers are close to passing the much-anticipated stablecoin law.

Circle Takes A Bold Step Toward Wall Street

Circle’s decision to go public signals its ambition to grow bigger in the stablecoin market. The firm is targeting an IPO valuation of up to $5.65 billion. According to its filing, the company will sell about 9.6 million new shares while current shareholders will sell another 14.4 million. 

Each share is expected to cost between $24 and $26, which could raise around $624 million. The IPO will be supported by some of the biggest names in finance. This includes Goldman Sachs, Citigroup, JPMorgan, and others acting as bookrunners for the offering.

Circle Puts Acquisition Rumors to Rest

In the past few months, rumors were that Ripple Labs or Coinbase might try to buy Circle. Infact, Cardano CEO Charles Hoskinson supported Ripple acquiring the Circle, stating the deal could benefit small-scale investors and the industry extensively. 

However, this IPO filing clarifies that the stablecoin issuer is not selling. According to inside sources, Ripple made a bid, but the offer was too low for Circle to take seriously. With this public offering, Circle is proving it believes in its future as an independent company.

Circle is now the second biggest stablecoin issuer after Tether (USDT). However, new competitors are joining the market. Ripple recently started a new stablecoin called RLUSD, which already has a market value of over $300 million.

At the same time, big institutional banks are planning to launch a joint stablecoin project, which could intensify the competition. A recent study by Citigroup predicted that the stablecoin market could grow to $1.6 trillion by the year 2030.

Circle’s IPO and its early start in the stablecoin market put it in a good place to grow and succeed.

GENIUS Act Inches Closer to Becoming A Law

Circle’s IPO filing comes as the GENIUS Act is close to being approved by Congress. This new law is expected to set clear rules for companies that create digital currencies like USDC.

On the prediction market Polymarket, the bill’s passing chance rose to 90%, up from 70% just one day before. This shows that the U.S. is starting to take stablecoins seriously, and Circle is ready to lead the way.