USDC Issuer Circle Aims For $7.2B Initial Public Offering Valuation

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Despite acquisition rumors, Circle says it is not exploring any merger deals, even amid interest from Coinbase and Ripple.
Analysts expect the stablecoin market to grow tenfold by 2028, highlighting Circle’s strategic timing for going public.
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Circle Internet Financial is pushing forward with its public listing plans, now targeting a valuation of $7.2 billion as it gears up for an initial public offering.

What Happened: The company announced an increased offering size, reflecting heightened investor interest, with expectations of raising as much as $896 million through the sale of 32 million shares.

Originally, Circle intended to offer 24 million shares priced between $24 and $26.

However, revised filings indicate the firm now aims to price its stock at $27 to $28 per share.

This valuation remains below the $9 billion mark it was set to achieve in a previously abandoned SPAC deal in 2022.

Despite this, major institutional players, most notably BlackRock BLK, are said to be backing the IPO.

Circle, best known as the issuer behind USD Coin USDC/USD, the world's second-largest stablecoin, has seen growing financial strength, especially through returns on U.S. Treasury holdings.

Also Read: Tom Lee Predicts Bitcoin To Hit $250,000 By End Of 2025, $3M Long Term

Why It Matters: In the first quarter of 2025 alone, Circle earned over $557 million from these assets, a 55% jump compared to previous periods.

Although it trails rival Tether USDT/USD in revenue, Circle has benefited from rising global interest in stablecoins, bolstered by clearer regulatory frameworks and increased real-world adoption.

According to Standard Chartered, the market cap for stablecoins could expand tenfold by 2028. Similarly, a recent Artemis survey revealed that business-to-business stablecoin usage now accounts for the majority of stablecoin transaction volumes.

The company has secured approval to list on the New York Stock Exchange under the ticker symbol "CRCL," though a final listing date has yet to be confirmed.

Plans to debut by April were delayed due to market instability tied to U.S. tariff policy debates.

Despite reports of acquisition interest from Coinbase COIN/USD and Ripple XRP/USD, Circle has publicly denied pursuing any merger or acquisition deals at this time.