Stablecoin issuer Circle (CRCL.US) raised the size of its IPO to raise US$880 million

The Zhitong Finance App learned that Circle Internet Group, a cryptocurrency company that issues USDC stablecoins, raised the proposed transaction scale for its upcoming IPO on Monday. The company currently plans to issue 32 million shares at a price of 27 to 28 US dollars per share (60% is a secondary issue), raising 880 million US dollars.

Previously, the company had applied to issue 24 million shares at a price of 24 to 26 US dollars per share (60% were secondary issues). A new investor has expressed interest in subscribing to shares worth $150 million (17% of the deal size). Based on the revised median price range calculation, the amount raised by Circle Internet Group will be 47% higher than previously anticipated.

Circle said it operates one of the largest and most widely used stablecoin networks in the world. The company uses USDC, a dollar-denominated payment stablecoin as its core, and its series of stablecoins and related products have jointly provided various institutions with network utilities and application platforms.

As of March 31, 2025, the USDC “digital dollar” issued by Circle is the leading payment stablecoin, with a circulation of US$60.1 billion, covering 4.9 million active wallets. Circle's business model is driven by the growth of its stablecoin network, which includes stablecoin infrastructure, banking and reserve management infrastructure, blockchain infrastructure, developer service platforms, and all end users.

As of March 31, 2025, the company reached more than 600 million users worldwide through partnerships and support and access to the Circle stablecoin network's broader ecosystem.

Circle Internet Group was founded in 2013 and achieved revenue of 1.9 billion US dollars in the 12 months ending March 31, 2025. The company plans to list on the New York Stock Exchange under the symbol CRCL. J.P. Morgan Chase, Citigroup, Goldman Sachs, Barclays, Deutsche Bank, and Société Générale acted as joint bookkeepers for this offering. Pricing is still expected to be completed during the week of June 2, 2025.