On April 1st, stablecoin issuer Circle filed to go public—kicking off what could become a wave of crypto listings. The IPO gives us a rare inside look at one of the industry's most important, long-running firms. Circle’s flagship product, USDC, is a $60 billion stablecoin used by millions around the world.
I’ve known CEO Jeremy Allaire for nearly a decade and have long admired his vision and focus in building Circle. We first spoke in 2015, when I was researching Blockchain Revolution. Back then, Jeremy told me he wanted Circle to become the “Google of Capital,” laying out a bold vision:
“A person should be able to download an app, store value digitally in whatever currency they want—dollars, euro, yen, renminbi, as well as digital currency—and make payments instantly or nearly instantly with a very high level of security and without privacy leakage. Most importantly, it will be free.”
Nearly 10 years later, Circle has stayed remarkably true to that north star—and it’s closer than ever to reaching it.
If you’re interested in learning more, Jeremy and I recently sat down for a conversation on Circle’s podcast The Money Movement. We explored Circle’s journey and the role of stablecoins in the broader blockchain revolution. Watch it
here.
And like Google before it, Circle is going public. The company is targeting a $4 billion valuation—the biggest crypto IPO since Coinbase went public in 2021. According to its filing, Circle generated $1.7 billion in annual revenue, a 39.3% gross margin, and $167 million in operating profit (all figures USD). The IPO is being led by J.P. Morgan and Citigroup.
Stablecoins—tokens backed by fiat currencies, usually U.S. dollars—make it fast, cheap, and easy to move value across borders. They’re already doing more dollar volume annually than Visa or Mastercard. Though first adopted by crypto traders, stablecoins are gaining traction in emerging markets, where local currencies are volatile, and banking services are unreliable. Circle has leaned into this trend, partnering with local payments firms to bring USDC to the masses.
Today, Circle is the world’s second-largest stablecoin issuer, behind only Tether.
The hope is that this IPO marks the beginning of a broader trend—a crypto IPO season that brings more private companies to public markets. But there are headwinds.
Market volatility, much of it tied to tariff uncertainty, has kept many IPOs grounded. Deal volume is down year over year. High-profile offerings like AI data center CoreWeave have had to reprice. Others, like Fold (FLD), listed via SPAC (special acquisition corporation – an alternative to IPO) to a muted response. One odd exception: right-wing news outlet Newsmax
surged 2000% in its debut, powered by memestock mania.
Still, there are good reasons to be bullish on crypto IPOs.
First, the regulatory environment is improving. The current administration and incoming SEC chair are taking a more constructive approach to crypto. The Circle filing came a day before the House Financial Services Committee advanced a bill on stablecoin regulation. A Senate version, dubbed GENIUS, passed in March. The tide is turning—regulatory headwinds are becoming tailwinds.
Second, there’s a backlog of quality crypto firms ready to file. Many had planned to go public during the last cycle but were delayed by regulatory uncertainty. Now they’re well-positioned. eToro has already filed. Others like Bullish, Gemini, Kraken, Anchorage, Chainalysis, Figure, MoonPay, Ripple, and Consensys are rumored to be waiting in the wings.
Third, crypto M&A in the first quarter was strong, despite the slow start to IPOs. Kraken acquired NinjaTrader. Coinbase is eyeing Deribit. There’s activity in this space already, spurred no doubt by the friendlier regulatory environment, suggesting when the IPO window reopens, crypto firms may be the first through.
A growing roster of publicly traded crypto companies is a win for the industry and for investors. Many institutions and retail investors alike want exposure to the growth of digital assets but can’t or won’t hold crypto directly. Public equities provide an on-ramp.
Going public also brings transparency. IPO filings require companies to open their books, submit to investor scrutiny, and meet high standards of disclosure and governance. This builds trust—not just with investors, but with customers, partners, and regulators.
As Jeremy Allaire put it: “Becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible.”
Circle is showing the way. Others will follow. And as more crypto-native firms enter the public markets, the industry will gain greater legitimacy and become more. That’s good news, we believe —for markets, for innovation and for society.
April 3, 2025
