USDC Issuers Hire JPMorgan, Citi for Late April IPO: Fortune

Circle Names JPMorgan, Citi to Prep for Late April IPO: Fortune

The issuer of the USDC stablecoin is planning to go public again after a failed SPAC merger in 2021.

Author: Helen Brown | Edited by: Stephen Alpher Updated: 31 Mar 2025 17:34 UTC Published: 31 Mar 2025 15:47 UTC

Key points:

• According to Fortune, Circle has reportedly brought in JPMorgan and Citi to support its upcoming IPO, which is expected to take place in late April.
• The publication reports that the issuer of the USDC stablecoin expects a valuation of between $4 and $5 billion.
• Circle's IPO attempt comes after a failed SPAC merger in 2021, but the regulatory environment now appears more favorable.

Circle Internet Financial, the issuer of the USDC stablecoin, has selected investment banks JPMorgan Chase and Citi as underwriters for its long-awaited IPO, Fortune reports.

While specific dates have not yet been finalized, sources indicate that Circle is set to publish its prospectus in late April, which could mean a potential IPO before June.

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Earlier, in January 2024, the company filed confidential documents with the US Securities and Exchange Commission (SEC).

In 2021, Circle attempted to go public via a SPAC merger, but that process was halted first by the SEC crackdown and then by the crypto crash of 2022. Ultimately, the SPAC deal was canceled by the end of 2022.

Circle is seeking a valuation of $4 billion to $5 billion, according to people familiar with the matter who spoke to Fortune.

In July, CoinDesk reported that the company was valued at around $5 billion on private secondary markets.

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