Circle has invited two top U.S. investment banks to support its initial public offering process.
According to a report from Fortune, Circle Internet Financial – the company behind stablecoin USDC – has officially invited JP Morgan Chase and Citigroup to support its initial public offering (IPO) process, expected to take place at the end of April this year. However, the filing plan may change depending on the preparation and regulatory approval process.
This is Circle's third IPO attempt, following two previous attempts: the first through a SPAC merger in 2021, and the second in 2024 when they quietly filed a preliminary S-1 registration with the U.S. Securities and Exchange Commission (SEC). The upcoming IPO is seen as part of a long-term strategy to position Circle as a key financial infrastructure organization in the stablecoin ecosystem.
Circle Aims for IPO in a Favorable Cryptocurrency Environment
Circle's restart of its IPO plan occurs in a political context more friendly to cryptocurrency, with a new presidential administration and a more flexible regulatory orientation from the SEC. During the same period, other major names in the industry such as Kraken, Gemini, and BitGo have also publicly announced plans to go public this year or next, according to previous data from The Block.
Circle is the issuer of USD Coin (USDC) – currently the second-largest USD-pegged stablecoin in the market, second only to Tether (USDT) in circulating supply. Circle's listing could create an important precedent in transparency of financial operations for stablecoin-issuing organizations, while also helping to attract more institutional investors.
However, observers still question whether the traditional financial market is ready to accept a digital asset-issuing organization like Circle – especially when issues related to reserve asset backing, transparency, and legal oversight remain hot topics in current stablecoin discussions.
