The Stablecoin IPO That Changes Everything

Circle Internet Financial, the issuer of USDC, has confidentially filed for a public offering that could value the company at $50 billion or more — making it the largest crypto IPO since Coinbase went public in 2021. The S-1 filing reveals Circle generated $1.1 billion in annual revenue from interest income, transaction fees, and enterprise services. USDC now has 85% institutional usage, with major clients including Visa, Mastercard, and BlackRock's tokenized money market fund. The IPO comes at a perfect time as stablecoin legislation gains bipartisan support in Congress.

Tether's Dominance Under Threat

Circle's public listing would provide USDC with a significant competitive advantage over Tether, which continues to face questions about its reserves and regulatory compliance. USDC's 1:1 backing with U.S. Treasuries and daily attestations by Grant Thornton have built institutional trust. The stablecoin's market cap has grown from $25 billion at the start of 2025 to $65 billion today, capturing 30% of the total stablecoin market. Circle's IPO would provide the capital needed to expand into new markets and develop enterprise-grade blockchain infrastructure.