- Circle Internet Group reported a significant 16% increase in revenue, reaching $1.68 billion last year.
- The company is making its second attempt to list its shares on the New York Stock Exchange.
- U.S. regulatory attitudes toward cryptocurrencies are shifting, with Paul Atkins, the SEC chairman pick by former President Donald Trump, promising a more reasonable framework for crypto oversight.
Circle Internet Group announced a remarkable 16% rise in its revenue following the close of trading on Tuesday, as the issuer of USD Coin gears up for a renewed effort to list on the New York Stock Exchange.
The company reported revenue and reserve income totaling $1.68 billion for the previous year, compared to $1.45 billion in 2023. Additionally, net income from continuing operations fell to approximately $157 million in 2024, down from $271.5 million reported the previous year.
The current landscape for IPOs remains precarious, with investors weighing the appetite for new stock offerings against potential economic headwinds, including tariffs.
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Despite these challenges, the U.S. market is increasingly accepting of cryptocurrencies. Paul Atkins, nominated to lead the Securities and Exchange Commission by former President Trump, has promised a more measured approach to regulating the crypto sector.
“Circle has long faced intense public scrutiny,” co-founder and CEO Jeremy Allaire stated in a letter. “Our push to become a publicly traded corporation reflects our commitment to operating with the highest levels of transparency and accountability.”
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The USD Coin (USDC) ranks as the second-largest stablecoin and the seventh-largest cryptocurrency overall, according to data from market tracker CoinGecko.
While USDC and Tether currently dominate the stablecoin market, competition is intensifying. Companies like PayPal and Ripple have introduced their own stablecoins, while Trump’s World Liberty Financial has announced intentions to launch one as well.
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Previously, Circle attempted to go public through a $9 billion merger with a special purpose acquisition company, but the agreement fell through at the end of 2022. The firm filed confidentially for an IPO last year.
Stablecoins are digital currencies designed to maintain a stable value, typically backed by low-risk traditional assets such as the U.S. dollar, euros, or Treasury bonds.
J.P. Morgan and Citigroup have been appointed as the lead underwriters for Circle’s IPO, which is expected to trade under the ticker symbol “CRCL”.
