Circle Internet Financial, a leading U.S. crypto firm that issues the stablecoin USD Coin, filed long-anticipated paperwork for an initial public offering on Tuesday. The 225-page financial disclosure includes previously unreported insights into one of the world’s largest crypto firms, illustrating Circle’s outsize presence in the booming stablecoin space, as well as the risk factors that might give investors pause ahead of an IPO.
Founded in 2013, Circle has attempted to go public before, resulting in a failed SPAC agreement in 2022 that brought the company over $44 million in costs, according to the S-1 filing. But with the crypto industry ascendant in the U.S. thanks to the support of President Donald Trump, Circle is hoping that the second time is the charm—and boasts over $1.6 billion in revenue in 2024 to attract would-be investors.
