In a June 4 press release, Circle Internet Group, Inc. (the fintech behind USDC stablecoin) announced the upsizing of its IPO to 34 million shares at $31 each, raising around $1.05 billion and valuing the company at $7.2 billion. Shares began trading on the NYSE under the ticker CRCL on June 5, 2025. This is the first public listing of a pure-play stablecoin issuer, highlighting strong market appetite for crypto-fintech.

Circle had previously tried to go public via a SPAC deal in 2021, but that fell through. Now, with oversubscription and rising investor demand, the offering grew. Reports suggest ARK Invest may take a $150 million stake, with BlackRock eyeing 10% of the float.

As CEO Jeremy Allaire put it, becoming a public company is a “significant and powerful milestone” on the path to building a modern, internet-based financial system.

A Major Milestone in Circle’s Journey

Circle’s defining moment came in May 2022, when the collapse of TerraUSD (UST) rattled the crypto industry. As confidence in algorithmic stablecoins crumbled, users turned to safer options; and USDC, with its fully-backed, transparent model, was ready. Its circulation rose from $48 billion to $54 billion, gaining a bigger share of the market. That flight to quality solidified Circle’s position as a trusted leader.

By 2025, USDC holds around $60 billion in circulation, and Circle’s cautious approach is paying off. Its model; earning interest on reserves while staying compliant, generated $557.9 million in Q1 2025 alone. Once niche, USDC is now a core part of the stablecoin economy, and its reliability laid the foundation for Circle’s strong IPO.

Meanwhile, regulation is moving in Circle’s direction. The GENIUS Act, a bipartisan stablecoin bill, proposes clear rules around full dollar backing and anti-money laundering. For Circle, this isn’t a challenge, it’s a confirmation. The company has long operated under similar standards.

“Tonight’s vote on GENIUS Act is a huge step forward in advancing dollar digital currency as the foundational layer of the Internet financial system.”

— Jeremy Allaire, CEO of Circle Internet Financial

If passed, the law could boost adoption by giving banks and fintechs clearer guidance; and Circle, already built for compliance, is ready to lead.

Key takeaways for fintech startups

Here are a few lessons fintech founders can take from Circle’s IPO journey:

• Compliance builds trust: Circle’s transparency and regulatory alignment helped win over big investors. Clear rules can unlock serious growth.
  
  
• Stay the course: Circle’s failed 2021 SPAC wasn’t the end. Timing matters; persistence and focus paid off later.
  
  
• Solve real problems: USDC met a clear need for stable, fast payments. Strong product-market fit beats hype.
  
  
• Leverage partnerships: Trusted names like BlackRock and top underwriters gave Circle added credibility.
  
  
• Profitability wins: Interest on reserves turned into real revenue. A clear, sustainable business model matters.
  

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