Circle Internet Group reported a robust 16% increase in revenue following the market’s closure on Tuesday, as the issuer of the USD Coin prepares for another attempt to list on the New York Stock Exchange.
In its latest financial disclosures, the company indicated that its revenue and reserve income for the previous year reached $1.68 billion, up from $1.45 billion in 2023. However, net income from continuing operations fell to approximately $157 million in 2024, compared to $271.5 million in the prior year.
The current atmosphere for initial public offerings (IPOs) is tenuous, as investors cautiously navigate the balance between the demand for new listings and the risks posed by economic fluctuations, including tariffs.
Yet, the U.S. continues to foster a supportive environment for cryptocurrencies. Paul Atkins, appointed by former President Donald Trump to lead the Securities and Exchange Commission, has expressed a commitment to a more measured approach to cryptocurrency regulation.
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“In many respects, Circle has for a long time been under intense public scrutiny,” co-founder and CEO Jeremy Allaire stated in a letter. “Becoming a publicly traded corporation is a continuation of our desire to operate with the greatest transparency and accountability possible.”
According to market tracker CoinGecko, USDC stands as the second-largest stablecoin, following Tether, and ranks seventh among all cryptocurrency tokens.
While this duo dominates the landscape, competition in the stablecoin market is intensifying. Companies such as PayPal and Ripple are launching their own stablecoins, and Trump’s World Liberty Financial has also announced plans to introduce a stablecoin.
Circle had previously sought to go public through a $9 billion merger with a special purpose acquisition company, but that initiative was discontinued in late 2022. The company subsequently submitted a confidential IPO filing last year.
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Stablecoins are digital assets meant to maintain a stable value and are generally backed by reliable, low-risk collateral such as the U.S. dollar, euro, or Treasury bonds.
For Circle’s upcoming IPO, J.P. Morgan and Citigroup have taken on the role of lead underwriters, with the company set to trade under the ticker symbol “CRCL.”
