Setting higher standards that bring more value to more people”

Circle, founded in 2013 by Jeremy Allaire and Sean Neville, is a fintech leader headquartered in New York City, focused on building a transparent, globally accessible financial system with its regulated stablecoin, USD Coin (USDC). The company holds an extensive array of licenses across 46 U.S. states, the District of Columbia, Puerto Rico, and several major international markets. Circle’s platform enables enterprises and developers to integrate stablecoins and blockchain technology into payments and financial operations, offering solutions from real-time global transfers to developer APIs. Its strong commitment to transparency and compliance has positioned Circle at the forefront of the digital asset industry, highlighted by its $6.9 billion IPO in June 2025.

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Business Model

Circle operates a B2B financial infrastructure platform anchored by its regulated stablecoins, USDC and EURC. Its primary revenue streams include interest earned on reserves backing these stablecoins, enterprise fees for payments, treasury, and liquidity services, as well as fees from providing APIs and blockchain infrastructure to developers and fintech firms. Additionally, Circle generates income from tokenized fund products and benefits from the expanding adoption of its stablecoins across global payment networks and decentralized finance platforms, reinforcing its position as a core provider of blockchain-based financial solutions.

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Scale and Growth

Circle has achieved remarkable scale and growth, with USDC circulation soaring 78% year-over-year to over $61 billion by mid-2025—the fastest expansion among major stablecoins. Monthly USDC transaction volumes reached $1 trillion in late 2024, and all-time volumes surpassed $20 trillion, while the number of meaningful USDC wallets climbed 57% year-over-year to 4.9 million in Q1 2025. This rapid adoption has propelled Circle’s market share to roughly 27%, solidifying USDC as the second-largest stablecoin globally and reinforcing Circle’s leadership in digital financial infrastructure.

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IPO and Future Outlook

Circle made a historic public debut on June 5, 2025, listing on the NYSE under the ticker CRCL. The company sold 34 million shares at $31 each, raising $1.05 billion and securing an initial valuation of $6.8 billion. Investor demand was extraordinary, with the offering oversubscribed 25 times, and the stock opening at $69, surging to an intraday high of $103.75, and closing at $83.23—representing a 168% first-day gain and the strongest IPO debut since 2020. Company leadership emphasized that this milestone will accelerate Circle's global expansion, drive broader stablecoin adoption, strengthen distribution partnerships, and reinforce its regulatory credibility. As a newly public company, Circle is positioned to leverage its enhanced visibility and capital base to innovate in digital finance, expand its enterprise offerings, and maintain its leadership in the rapidly evolving stablecoin and blockchain infrastructure market.

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Competitive Edge

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Circle’s competitive advantage comes from its strong regulatory compliance, transparency, and focus on enterprise solutions at the intersection of traditional finance and blockchain. The company publishes weekly reserve updates and monthly attestations for USDC, holds major licenses like the New York BitLicense and EU e-money license, and ensures USDC is fully backed by liquid, audited reserves. USDC is widely integrated with platforms such as Visa, Stripe, and Coinbase, supporting global payments, settlements, and DeFi. Circle’s robust APIs and treasury services enable fintechs and enterprises to embed stablecoin infrastructure, solidifying its role as a trusted backbone for the tokenized financial system.

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Targeted Impact

Circle boosts global prosperity through smooth value exchange, advancing financial access and aid via digital currency innovation.

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What Comes Next?

Circle launches IPO at $31/share, raising $1.1B to expand USDC adoption and global digital finance, listing as CRCL on NYSE.

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Who will benefit?

Circle's stablecoin network aids banks, businesses, developers, and consumers in fast global digital transactions.

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Circle's Timeline

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Prominent News

Circle IPO soars, giving hope to more startups waiting to go public, June 5, 2025 - Circle, the major USDC stablecoin issuer, surged 168% on its first trading day to $83.23 per share, well above its $31 IPO price, reaching a market cap of $16.7 billion. Click here to read more.

Circle Announces Payments Network to Transform Global Money Movement, April 21, 2025 - Circle announced the launch of Circle Payments Network (CPN), a new platform that connects financial institutions including banks, payment providers, and digital wallets to enable real-time cross-border payments using regulated stablecoins. Click here to read more.

Tether and Circle ‘model is going to erode’ as PayPal, big banks pounce on $16tn stablecoin market, March 12, 2025 - A PitchBook analyst warns that Tether and Circle's 90% dominance of the $235 billion stablecoin market faces erosion as traditional banks and financial firms prepare to enter with their own offerings, driven by the unsustainable nature of current players keeping all interest from billions in reserves. Click here to read more.‍

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Revenue

Circle's revenue in 2024 reached $1.68B, marking a 15.86% increase from $1.45B in 2023.

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Return on Investment (ROI)

ROI computed as of June 4, 2025 based on PM Insights' composite price.

PM Insights computes composite price based on institutional-sized broker contributions within the last 90 days if there are at least two qualified contributions.

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Funding Round in USD

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Series CR Valuation

<span class="date">2023-08-22</span>
<span class="value">$4.79B</span>

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Implied Valuation

<span class="date">2025-06-04</span>
<span class="value">$5.50B<span>

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Change Since Last Round

<span class="date"> 2023-08-22 → 2025-06-04</span>

<span class="value green">+14.82%</span>

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Quarterly Bid:Ask Volume Ratio

PM Insights highlights the quarterly bid:ask volume ratio where there were at least three institutional-sized broker contributions within that period.

In Q1 2021, Circle’s volume was entirely driven by the ask side, whereas from April 1, 2025 to June 4, 2025, 72% of the volume shifted to the bid side, with combined bid and ask volume at $89M.

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Quarterly Bid:Ask Spread

The bar chart below illustrates the quarterly average bid-to-ask spread. Circle's bid-ask spread remained relatively stable around 11% throughout 2024 before significantly dropping in 2025. The average bid-to-ask spread for Circle from April 1, 2025 until June 4, 2025 was 6.95%.

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