The First IPO of Stablecoin Is Here: Stablecoin Giant Circle Is Expected to List on the New York Stock Exchange (NYSE) on June 5, Marking the First IPO in the Stablecoin Sector.

Circle was founded in October 2013 by Jeremy Allaire (CEO) and Sean Neville (co-founder), focusing on blockchain technology and stablecoins. In 2018, Circle and coinbase jointly established the Centre consortium to launch USD Coin (USDC), a stablecoin pegged 1:1 to the US dollar. From the outset, USDC positioned itself as a competitor to Tether's USDT, touting greater compliance and transparency.

In 2023, the Centre consortium dissolved, and Circle became the sole issuer and manager of USDC. As of April 2025, USDC has become the world's second-largest USD-pegged stablecoin, with a market capitalization of approximately $60.9 billion, second only to Tether's USDT.

The Silicon Valley Bank crisis in 2023 prompted Circle to consider going public. At the time, $3.3 billion of Circle's funds deposited in the bank were temporarily "frozen," causing USDC to lose its peg. Circle's executives quickly realized that to truly establish a foothold in the global stablecoin competition, they needed to rely on three key pillars- "licensing + IPO + transparency"- rather than solely on support from the crypto community.

In 2025, on April 1 (US local time), Circle filed an S-1 form with the US Securities and Exchange Commission, applying to list on the New York Stock Exchange (ticker symbol: CRCL). The company appointed top-tier investment banks such as JPMorgan and Citigroup as underwriters for the IPO.

Circle reported that, as of the end of 2024, its stablecoin-related business generated $1.7 billion in revenue, accounting for 99.1% of total revenue. On May 27, Circle disclosed its IPO terms, planning to issue 24 million shares (60% of which are secondary market shares), including 9.6 million newly issued shares by the company and 14.4 million shares sold by existing shareholders. The offering price range is set at $24 to $26 per share, aiming to raise $600 million. Based on the midpoint of the proposed price range, Circle's fully diluted market capitalization would reach $6.2 billion.

The IPO has attracted attention from institutional investors, including Cathie Wood's ARK Investment Management, which expressed interest in subscribing to up to $150 million worth of shares.

Analysts believe that if Circle successfully goes public, it will further advance the development of the US stablecoin market while accelerating the acceptance of stablecoins by traditional financial users, particularly institutional ones. The stablecoin market has experienced rapid growth in recent years, with USDT and USDC being the dominant products in terms of market share. Since their inception, stablecoins have become a crucial tool for cryptocurrency market participants- serving as a store of value, a unit of account, and collateral for various cryptocurrency spot/futures trades. They are among the most important cryptocurrency instruments. A successful IPO for Circle would be a significant positive for the market.

Stablecoins are cryptocurrencies pegged to fiat currencies or assets, offering price stability and blockchain compatibility. They are widely used for trading, settlement, and value storage. Essentially, they tokenize real-world fiat currencies or assets on-chain and are seen as a "bridge between traditional finance and the crypto ecosystem."

Initially designed for the crypto asset space, stablecoins have rapidly expanded into traditional financial areas such as payments in recent years. Due to their peer-to-peer payment capabilities, high efficiency, low costs, relative stability, and close ties to the crypto asset industry, stablecoins are increasingly being used in conventional financial activities like cross-border payments and foreign exchange reserves. They have become an ideal choice for international payments and asset storage, while also playing a significant role in emerging financial activities such as decentralized finance (DeFi).

Globally, the strategic importance and market size of stablecoins continue to rise. According to statistics from Oriental Securities, as of May 31, 2025, the global stablecoin market capitalization exceeds $250 billion, an increase of over $40 billion since the end of 2024.

From 2024 to 2025, the tokenization of real-world assets (RWA)- digitizing and on-chain representation of real-world assets through blockchain technology- has accelerated both domestically and internationally. Among them, the two largest USD-pegged stablecoins, USDT and USDC, had market capitalizations exceeding $153 billion and $61 billion, respectively, as of May 31, accounting for over 85% of the total global stablecoin market capitalization.

The US and the European Union are actively advancing their respective stablecoin bills, aiming to seize the initiative in the global stablecoin market. The US stablecoin bill emphasizes maintaining the dollar's leadership in the digital economy, positioning USD stablecoins as a tool for global digital payments, and extending dollar hegemony. Meanwhile, institutions like Robinhood and BlackRock are promoting unified regulation and the application of high-performance blockchain technology, with chains like Solana becoming the preferred infrastructure for RWA.The First IPO of Stablecoin Is Here: Stablecoin Giant Circle Is Expected to List on the New York Stock Exchange (NYSE) on June 5, Marking the First IPO in the Stablecoin Sector.

Circle was founded in October 2013 by Jeremy Allaire (CEO) and Sean Neville (co-founder), focusing on blockchain technology and stablecoins. In 2018, Circle and Coinbase jointly established the Centre consortium to launch USD Coin (USDC), a stablecoin pegged 1:1 to the US dollar. From the outset, USDC positioned itself as a competitor to Tether's USDT, touting greater compliance and transparency.

In 2023, the Centre consortium dissolved, and Circle became the sole issuer and manager of USDC. As of April 2025, USDC has become the world's second-largest USD-pegged stablecoin, with a market capitalization of approximately $60.9 billion, second only to Tether's USDT.

The Silicon Valley Bank crisis in 2023 prompted Circle to consider going public. At the time, $3.3 billion of Circle's funds deposited in the bank were temporarily "frozen," causing USDC to lose its peg. Circle's executives quickly realized that to truly establish a foothold in the global stablecoin competition, they needed to rely on three key pillars- "licensing + IPO + transparency"- rather than solely on support from the crypto community.

In 2025, on April 1 (US local time), Circle filed an S-1 form with the US Securities and Exchange Commission, applying to list on the New York Stock Exchange (ticker symbol: CRCL). The company appointed top-tier investment banks such as JPMorgan and Citigroup as underwriters for the IPO.

Circle reported that, as of the end of 2024, its stablecoin-related business generated $1.7 billion in revenue, accounting for 99.1% of total revenue. On May 27, Circle disclosed its IPO terms, planning to issue 24 million shares (60% of which are secondary market shares), including 9.6 million newly issued shares by the company and 14.4 million shares sold by existing shareholders. The offering price range is set at $24 to $26 per share, aiming to raise $600 million. Based on the midpoint of the proposed price range, Circle's fully diluted market capitalization would reach $6.2 billion.

The IPO has attracted attention from institutional investors, including Cathie Wood's ARK Investment Management, which expressed interest in subscribing to up to $150 million worth of shares.

Analysts believe that if Circle successfully goes public, it will further advance the development of the US stablecoin market while accelerating the acceptance of stablecoins by traditional financial users, particularly institutional ones. The stablecoin market has experienced rapid growth in recent years, with USDT and USDC being the dominant products in terms of market share. Since their inception, stablecoins have become a crucial tool for cryptocurrency market participants- serving as a store of value, a unit of account, and collateral for various cryptocurrency spot/futures trades. They are among the most important cryptocurrency instruments. A successful IPO for Circle would be a significant positive for the market.

Stablecoins are cryptocurrencies pegged to fiat currencies or assets, offering price stability and blockchain compatibility. They are widely used for trading, settlement, and value storage. Essentially, they tokenize real-world fiat currencies or assets on-chain and are seen as a "bridge between traditional finance and the crypto ecosystem."

Initially designed for the crypto asset space, stablecoins have rapidly expanded into traditional financial areas such as payments in recent years. Due to their peer-to-peer payment capabilities, high efficiency, low costs, relative stability, and close ties to the crypto asset industry, stablecoins are increasingly being used in conventional financial activities like cross-border payments and foreign exchange reserves. They have become an ideal choice for international payments and asset storage, while also playing a significant role in emerging financial activities such as decentralized finance (DeFi).

Globally, the strategic importance and market size of stablecoins continue to rise. According to statistics from Oriental Securities, as of May 31, 2025, the global stablecoin market capitalization exceeds $250 billion, an increase of over $40 billion since the end of 2024.

From 2024 to 2025, the tokenization of real-world assets (RWA)- digitizing and on-chain representation of real-world assets through blockchain technology- has accelerated both domestically and internationally. Among them, the two largest USD-pegged stablecoins, USDT and USDC, had market capitalizations exceeding $153 billion and $61 billion, respectively, as of May 31, accounting for over 85% of the total global stablecoin market capitalization.

The US and the European Union are actively advancing their respective stablecoin bills, aiming to seize the initiative in the global stablecoin market. The US stablecoin bill emphasizes maintaining the dollar's leadership in the digital economy, positioning USD stablecoins as a tool for global digital payments, and extending dollar hegemony. Meanwhile, institutions like Robinhood and BlackRock are promoting unified regulation and the application of high-performance blockchain technology, with chains like Solana becoming the preferred infrastructure for RWA.