Circle Internet Group Inc., the issuer behind the USDC stablecoin, successfully raised $1.1 billion in its upsized initial public offering (IPO), pricing shares at $31 each, well above the originally marketed range. This marks a major milestone for the stablecoin sector as Circle’s valuation hits $6.9 billion based on outstanding shares, with a fully diluted valuation of $8.1 billion.
The offering drew enormous investor interest, with demand reportedly exceeding the available shares by more than 25 times. This overwhelming response led Circle to expand the offering from the initially planned 24 million shares at $24–$26 per share to 34 million shares at $31.
Breakdown of IPO and Market Performance
According to a company statement confirming Bloomberg’s earlier report:
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Circle sold 14.8 million shares directly
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19.2 million shares were sold by existing shareholders, including co-founder and CEO Jeremy Allaire
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The offering was led by JPMorgan, Goldman Sachs, and Citigroup
This IPO follows a previous failed SPAC attempt in 2022, which had valued the company at $9 billion. Now, Circle’s direct listing represents renewed market optimism in stablecoin issuers.
USDC’s Role and Market Position
As of May 29, USDC—Circle’s flagship stablecoin—had $61 billion in circulation, commanding about 29% of the stablecoin market, based on CoinMarketCap data cited in Circle’s filing.
The Circle Reserve Fund, managed by BlackRock, held $53.3 billion at the same time. Notably, BlackRock, which operates 90% of USDC’s reserves, is reportedly acquiring 10% of the IPO shares. Meanwhile, Cathie Wood’s ARK Investment expressed interest in purchasing up to $150 million worth of Circle stock.
Regulatory Landscape & Competitive Outlook
Circle’s IPO comes amid increasing U.S. regulatory clarity surrounding stablecoins. Legislation currently under review in the U.S. Congress aims to create frameworks for digital dollar-backed tokens, further legitimizing issuers like Circle. However, the space is heating up, with major Wall Street banks reportedly exploring the launch of their stablecoins, according to The Wall Street Journal.
This public offering reflects both the institutionalization of the crypto industry and rising confidence in regulated digital assets.
What’s Next for Circle?
Circle’s shares are set to begin trading on Thursday under the NYSE ticker symbol CRCL. With backing from financial heavyweights and regulatory momentum building, Circle’s public debut could usher in a new era of stablecoin integration in traditional finance.
CEO Jeremy Allaire has long emphasized Circle’s commitment to transparency, compliance, and financial innovation. This IPO not only affirms Circle’s standing in the digital asset space but also highlights growing investor appetite for crypto-native infrastructure firms.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
