Circle Internet Group disclosed a nearly 16% jump in revenue after markets closed on Tuesday, as the USD Coin issuer attempts a second go at listing on the New York Stock Exchange.
The company reported revenue and reserve income of $1.68 billion for last year, compared with $1.45 billion in 2023. Net income from continuing operations was nearly $157 million in 2024 versus $271.5 million in the previous year.
The IPO market is currently in a delicate place, as investors look to balance demand for new listings against risks posed by economic uncertainty, such as tariffs.
However, the U.S. has embraced cryptocurrencies, with Paul Atkins, President Donald Trump’s pick to lead the Securities and Exchange Commission, pledging to adopt a more “rational” approach to crypto regulation.
“In many respects, Circle has for a long time been under intense public scrutiny,” co-founder and CEO Jeremy Allaire wrote in a letter. “Becoming a publicly traded corporation is a continuation of our desire to operate with the greatest transparency and accountability possible.”
USDC is the second-biggest stablecoin, after Tether, and the seventh-biggest crypto token overall, according to market tracker CoinGecko.
While the duo chiefly dominate the market, competition has been heating up. PayPal and Ripple have their own stablecoins, while Trump’s World Liberty Financial has promised to launch one as well.
Circle had previously attempted to go public via a $9 billion merger with a special purpose acquisition company, but the deal was terminated in late 2022. It confidentially filed for an IPO last year.
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Stablecoins are digital tokens designed to keep a constant value. They are backed by traditional, low-risk assets such as the U.S. dollar, euro or Treasury bonds.
J.P. Morgan and Citigroup are the lead underwriters for Circle’s IPO. The company is expected to trade under the ticker “CRCL.”