- Circle became the first stablecoin issuer to list on the New York Stock Exchange, raising almost $1.1 billion through its initial public offering.
- The company’s shares surged up to 235%, opening at $69 versus the IPO price of $31, reaching a peak of $103.75.
- CEO and cofounder Jeremy Allaire is now estimated to be a billionaire, with a net worth of at least $1.7 billion according to Forbes.
- USDC is the world’s second-largest stablecoin, and Circle reported $1.68 billion in revenue and $156 million in income in 2024.
- Most of Circle’s revenue comes from interest on assets backing USDC, with new products showing growth but still comprising a small share of income.
On Thursday, Circle, the issuer of the $61 billion stablecoin USDC, debuted on the New York Stock Exchange after a highly anticipated initial public offering. The company is the first in its sector to go public, raising nearly $1.1 billion, as investors showed strong demand for its shares.
The stock started trading at $69, more than doubling its IPO price of $31, and soared as high as $103.75. The total number of shares offered was increased to 34 million from the initial 24 million, following growing investor interest. Major buyers included BlackRock and ARK Investment Management, with the offering managed by JPMorgan Chase, Citigroup, Goldman Sachs, and others.
Based on the 2 p.m. stock price of $86, Forbes reported that CEO and cofounder Jeremy Allaire has a net worth of at least $1.7 billion. “We’re thrilled with the demand,” said Circle CFO Jeremy Fox-Geen to Forbes. “We saw a wide range of investor interest from traditional mutual fund complexes through to high-conviction, long-oriented pools of private capital within the broader hedge fund space, as well as various sovereign wealth funds.”
Circle specializes in stablecoins, which are cryptocurrencies tied to stable assets like the U.S. dollar to minimize price swings. USDC holds 27% of the stablecoin market, second only to Tether at 67%. Since its launch in 2018, the company has processed over $25 trillion in transactions, with nearly $6 trillion processed in the first quarter of 2025 alone.
In 2024, Circle reported $1.68 billion in revenue with $156 million in net income. Over 99% of its revenue came from interest on the cash and U.S. Treasury bonds that support USDC’s value. The company cautioned in its S-1 filing that a 1% decrease in interest rates could reduce revenue by $441 million. Fox-Geen stated that new products—such as blockchain network partnerships and transaction-based services—are beginning to bring in more revenue, reporting $20.7 million in the first quarter, which he noted is rising quickly.
Distribution expenses are high for the company, with over $1 billion in fees in 2024, most of it paid to Coinbase. In comparison, Tether does not pay such distribution costs.
Previously, Circle scrapped a planned $9 billion SPAC merger in 2022 and recovered from funds held at the collapsed Silicon Valley Bank in 2023. Acquisition offers from Coinbase and Ripple in April 2024 valued the firm at about $5 billion, but Circle chose to proceed with its IPO, seeking the benefits of regulatory clarity.
“Becoming public has always been part of our strategy,” Fox-Geen said. He described the listing as part of a larger shift in the financial services industry’s technology foundation.
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