Circle's IPO on the Horizon: USDC Issuer Gears Up for Major Market Move

Hang onto your hats, crypto fans! Circle Internet Financial, the brains behind USDC, is revving up for a blockbuster initial public offering that's been years in the making.

Word on the street is that Circle has tapped the big guns at JPMorgan Chase and Citi to help steer this IPO ship. Sources spilled the beans to us, and it's clear this is no small potatoes move.

Rumor has it, Circle's set to drop the public filing bombshell by late April. But don't hold your breath just yet—the exact timeline's still up in the air. Once they pull the trigger, shares could start trading in a flash, but you know how those regulatory hoops can slow things down.

If Circle pulls this off, it'll be the biggest crypto IPO since Coinbase's jaw-dropping direct listing back in 2021. And guess what? JPMorgan and Citi were the masterminds behind that one too.

Circle's IPO: The Sequel

This isn't Circle's first rodeo. Back in 2021, they tried to go public via a SPAC merger, but the SEC threw a wrench in the works with regulatory delays. Talk about a buzzkill.

The merger dream died in late 2022, thanks to the FTX fallout and a crypto market nosedive. But Circle didn't throw in the towel. They quietly filed for a traditional IPO in January 2024, and now they're ready to make some noise.

When they drop that public filing, we'll finally get the juicy details on Circle's financials and their ticker symbol. Get ready for the tea!

Founded by Jeremy Allaire and Sean Neville in 2013, Circle started with payments and crypto trading before going all-in on stablecoins in 2018. Their star child, USDC, was once run by a consortium with Coinbase. Now, Coinbase's raking in the dough from USDC—$225.9 million in Q4 2024, to be exact.

USDC's market cap skyrocketed from under $1 billion in 2020 to over $50 billion in 2022, thanks to its role in DeFi and trading. But it wasn't all smooth sailing. In 2023, Circle had a heart-stopping moment when $3.3 billion of its reserves got stuck at Silicon Valley Bank.

USDC bounced back to its $1 peg, but its market cap took a hit, dropping below $25 billion before roaring back to around $60 billion today. Talk about a rollercoaster!

Stablecoin Showdown

Even with its dominance, Circle's not resting on its laurels. Heavyweights like PayPal and Fidelity are muscling in on the stablecoin scene, and regulatory changes could shake things up.

Stablecoin legislation's picking up steam in Congress, with the Senate Banking Committee giving it the green light in March and a House vote on the horizon in April.

And get this—former President Donald Trump's thrown his weight behind stablecoin regulations, promising to sign a bill by August. The plot thickens!

With this second shot at an IPO, Circle's betting big on better market vibes and clearer regulations to cement its spot as a public company. Buckle up, folks—this ride's just getting started!