Circle Files for IPO, Reveals $1.6 Billion Revenue Driven by USDC Reserves

Circle Internet Financial, issuer of USD Coin (USDC), filed for an initial public offering (IPO) on Tuesday. The filing reveals Circle's significant presence in the stablecoin market, with over $1.6 billion in revenue in 2024. Notably, over 99% of this revenue, approximately $1.68 billion, stems from interest earned on USDC reserves. The company, founded in 2013, previously attempted an IPO in 2022, incurring over $44 million in costs. Circle plans to trade under the ticker CRCL and is working with JPMorgan Chase and Citi on the IPO. The filing also highlights the risk of interest rate fluctuations, estimating that a 1% decrease could reduce reserve income by $441 million.