Circle Internet Financial, the issuer of the USDC stablecoin, has enlisted JPMorgan Chase and Citigroup to assist with preparations for its initial public offering (IPO), according to a report by Fortune.
The company aims to publicly file its IPO paperwork by late April, though a final listing date has not yet been determined. Representatives for Circle, JPMorgan, and Citi declined to comment on the matter.
This marks Circle’s second attempt to go public. The firm initially pursued a listing through a special-purpose acquisition company (SPAC) merger in 2021, but the deal fell through due to a lack of approval from the Securities and Exchange Commission (SEC). Circle abandoned the SPAC route in late 2022 and instead confidentially filed for a traditional IPO with the SEC in January 2024.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle initially operated in cryptocurrency trading and payments before pivoting to focus on stablecoins in 2018. Neville stepped down as co-CEO in 2019, leaving Allaire as the company’s sole chief executive.
Circle's financial statements from the first half of 2023, cited by Fortune, indicate that interest income accounted for 99% of its revenue. The company also relocated its headquarters from Boston to New York in September 2024, with plans to establish a new base at One World Trade Center in early 2025, Reuters reported.
In a separate development, Circle launched USDC in Japan on March 26 in partnership with SBI Holdings, making it the first stablecoin officially approved for use in the country.