Circle Files for IPO Following Strong Revenue Growth in 2024

• Circle’s revenue grew by 15.9%, reaching $1.68 billion in 2024.
•  Net income dropped to $157 million from $271.5 million.
• USDC remains the second-largest stablecoin with a 25% market share.

Circle Internet Group, the issuer of the USDC stablecoin, has officially filed for an initial public offering (IPO). This filing, made with the U.S. Securities and Exchange Commission on April 1, strives to list the company on the New York Stock Exchange (NYSE) under “CRCL.” The announcement follows a year for Circle, which reported a 15.9% year-over-year increase in revenue for 2024.

Circle 2024 Strong Financial Performance

The financial report for Circle in 2024 demonstrates excellent performance through revenue of $1.68 billion and reserve income achievement. The company experienced a revenue hike to $1.68 billion in 2024 from the previous year’s $1.45 billion figure because of its continuous market expansion efforts. 

The net income from continuing operations for Circle was reported to be $157 million in 2024, which demonstrated a decrease from the $271.5 million earned during the previous year. The rising revenue numbers demonstrate how Circle maintains strong performance in the cryptocurrency industry despite experiencing lower net income.

The filing marks Circle’s second attempt to go public. Earlier, the firm had planned to connect with a special purpose investment company in a $9 billion contract, but that was called off in late 2022. This IPO filing reveals Circle’s ongoing commitment to transparency and accountability, a view expressed by CEO Jeremy Allaire.  Allaire stated that going public would enable the company to continue operating with a high level of honesty while contributing to the development of the financial ecosystem.

USDC and Market Position

Circle manages USDC, which holds the position as the second-largest stablecoin worldwide with its market capitalization. USDC ranks as the seventh-largest currency in the market alongside its role as a digital token which uses short-term Treasury bonds along with other low-risk assets for backing. 

USDC stands as a leading stablecoin with approximately 25% of the market share even though new stablecoin providers, including PayPal and Ripple , emerged. Stablecoins have attracted more focus as cryptocurrencies gain popularity in the U.S. while regulatory policies become clearer due to current governmental undertakings.

Circle has selected J.P. Morgan and Citigroup as the lead underwriters for its IPO. It’s a deal in which no details of the number of shares and the price range are disclosed, but expected in a future filing. The upcoming public offering of Circle is something that the crypto industry is watching closely, and it is the reason investors and regulators are paying close attention too. Listing with Nasdaq will further solidify the company’s presence within the traditional financial sector, as it plans to list on the NYSE.