Stablecoin Issuer Circle Raises $1.05 Billion in An Upsized IPO Offering, Hits $8 Billion Valuation

Circle Internet Group, the company that launched the well-known USDC stablecoin, has increased its highly anticipated initial public offering (IPO). The USDC issuer has raised $1.05 billion by selling 34 million shares at $31 each to reach an $8 billion valuation.

Circle Upsizes IPO, Beats Expectation

On Monday, June 2nd, Circle announced that it was increasing the size of its IPO to offer 32 million shares. Circle had previously announced that it would offer 24 million shares. 

As part of the announcement, the company set its IPO price range between $27 and $27-$28 per CRCL. The company was expected to raise as much as $896 million in the upsized IPO. However, Circle beat this expectation. 

On Wednesday, June 4th, Circle priced its CRCL shares at $31 apiece after raising $1.05 billion in its IPO. The USDC issuer sold 34 million shares, more than the 32 million it announced earlier in the week. 

By beating market expectations, Circle's valuation has now increased to roughly $8 billion on a fully diluted basis. The main underwriters for the IPO offering are J.P. Morgan, Citigroup, and Goldman Sachs.

What the IPO Offering Means for Circle

Although Circle's initial attempt to go public in 2022 by merging with a SPAC was called off, this successful public listing marks a big change for the company. Circle's initial public offering will also rank as one of the biggest crypto listings since Coinbase Global went public in 2021. 

Circle's IPO received a massive response and was oversubscribed by more than 25 times. Its shares will begin trading on the New York Stock Exchange (NYSE) on Thursday, June 5th, with the ticker CRCL. According to reports, BlackRock is planning to acquire up to 10% of Circle's shares after it lists on the NYSE.

The company will use the funds to consider making acquisitions, expanding internationally, and offering new products. Circle stated that it wants to use its earnings to move the business forward instead of paying dividends currently.

            The Growth of Circle’s USDC

Circle, the team behind USDC, was founded in 2013. Per CoinMarketCap, USDC is the second-biggest stablecoin after Tether, with a market capitalization of more than $61 billion. 

At the close of March 31st, 2025, Circle's dollar-pegged stablecoin, USDC, had been involved in more than $25 trillion in on-chain transactions. About $5.9 trillion was processed during the first quarter of 2025. This figure is more than five times greater than the amount from Q1 of 2024.

Going forward, Circle's USDC stablecoin is likely to be favored by institutions largely because of Circle's new public status and its emphasis on regulatory compliance. In 2015, the company became the first to be issued a New York BitLicense, which is known for being challenging to acquire.

How Circle's IPO Affects the Broader Crypto Market

Circle's successful IPO shows that regulated stablecoins can have strong utility and the power to influence the world's financial system. It signifies much bigger success than raising capital; it is an indicator of the future of crypto as a whole. 

Circle's success proves that a blockchain company can be successful in attracting general acceptance and performing well on the world's top financial scene, Wall Street. The achievement signals a significant year in the crypto's efforts to enter traditional finance, partly led by President Trump's promise to enforce friendlier crypto regulations. 

We expect other established cryptocurrency companies to consider IPOs as a means to access additional funds and gain the necessary exposure for enhanced utility. 

Samuel Kerr, Mergermarket's head of equity capital markets, said the tremendous demand for Circle's IPO “is a boon for both the IPO market and cryptocurrency-linked listings.” At this point, various cryptocurrency companies like BitGo, Kraken, and eToro have shown interest in going public.

Final Thoughts

Circle managed to reenter the public markets through an IPO, proving the company's continuing success and the wider utility of its USDC stablecoin. With greater adoption coming for the crypto industry and the promise of clearer rules from regulators, Circle's success positions it to play a leading part in the future of digital finance.