Circle, the company behind USD Coin (USDC), has officially filed an initial public offering (IPO) with a target valuation of up to $5 billion. The listing is planned on the New York Stock Exchange under the ticker symbol CRCL. JPMorgan Chase and Citigroup are acting as lead underwriters for this second attempt at going public after Circle failed to merge with a special purpose acquisition company (SPAC) in 2022 due to regulatory hurdles. Circle’s revenue reached $1.68 billion in 2024, a significant increase from previous years, while net income saw a decline from $268 million in 2023 to $156 million in 2024. The company’s move comes as stablecoins become more prominent in the financial landscape and are expected to be regulated in the US later this year. Circle’s IPO could reshape the cryptocurrency exchange market, particularly with its collaboration with Coinbase, which splits USDC revenue. This landmark event may signify a shift towards traditional finance integration for crypto companies.