Circle Internet Group, the issuer of the USDC stablecoin, has successfully completed its initial public offering (IPO). This marks a significant milestone in the development of the crypto and fintech sectors. The company’s shares will be available for purchase on the XTB platform starting today.
📈 Key IPO Information
- Ticker: CRCL
- Exchange: New York Stock Exchange (NYSE)
- IPO date: June 5, 2025
- Final offer price: $31 per share (above the projected $27–28 range)
- Number of shares: 34 million (14.8 million new Circle shares; 19.2 million from existing shareholders)
- Proceeds raised: approx. $1.1 billion
- Valuation: approx. $6.9 billion; fully diluted valuation near $8 billion
Circle is a global tech company operating in the fintech space within the cryptocurrency sector, specifically focused on stablecoins. Its main product is the USDC stablecoin, pegged 1:1 to the U.S. dollar. The company filed its S-1 prospectus with the SEC in January 2024, with public updates released in April and May 2025.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appFinancials
- Revenue: In 2024, Circle generated $1.68 billion in revenue – mainly from interest earned on USDC reserves (U.S. Treasury bonds). In Q1 2025, reserve-based revenue rose 55% to $557 million.
- Net income: $155 million in 2024 – a 42% decline y/y from $268 million in 2023; profitability remains strong compared to a significant loss in 2022.
- Adjusted EBITDA: $284 million in 2024, down 29% y/y
- Costs: Distribution and transaction costs rose 68.2% in Q1 2025, mainly due to partnerships with Coinbase and other distributors.
- USDC capitalization: Currently at $61 billion and at an all-time high, surpassing the 2021 bull market peak of $56 billion.
- Revenue model: Primarily interest on reserves, similar to Tether; additionally, transaction fees and platform services.
Management outlook and strategy
Circle aims to capitalize on growing adoption of stablecoins in commerce, cross-border payments, and institutional finance. The U.S. GENIUS bill may provide USDC with a regulatory advantage in global settlements. The main competition for USDC includes Tether (USDT, ~$154 billion in capitalization), Ripple, and potential stablecoins from major banks once a stablecoin bill is passed. In 2025, the company also launched the Circle Payments Network – a system for instant stablecoin settlement for banks, neobanks, and digital wallets.
- Market share: USDC holds approx. 24.4% of the stablecoin market, which currently totals $250 billion
- Diversification efforts: Circle is expanding into payment services, including the launch of the Circle Payments Network (CPN), to reduce reliance on reserve-based revenue
Regulatory environment 🏛️
Circle’s IPO comes amid a more favorable U.S. regulatory stance on crypto. The GENIUS bill aims to establish clear rules for stablecoins, which may benefit compliant firms like Circle while also introducing new competition from the banking sector.
Valuation
Assuming a net income of $155 million in 2024, the price-to-earnings (PE) ratio is approximately 44, placing Circle among higher-valued fintech firms.
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
