Circle Internet, the company behind the USDC stablecoin, plans to go public in the United States. The company is aiming for a valuation of up to $6.71 billion on a fully diluted basis through an initial public offering, Reuters reported.

Circle to list as CRCL

In a filing on Tuesday (today), Circle said it plans to sell about 9.6 million shares. Some of its existing shareholders also intend to sell roughly 14.4 million shares. The shares are expected to be priced between $24 and $26 each. If sold at the top end of the range, the offering could raise as much as $624 million.

Once listed, Circle shares will trade on the New York Stock Exchange . The ticker symbol will be “CRCL”. J.P. Morgan, Citigroup, and Goldman Sachs are serving as the lead underwriters for the IPO.

You may find it interesting at FinanceMagnates.com: Behind Circle’s Public Listing Push Lies Private Bidding War With Crypto Giants: Report.

Circle’s Stablecoin Model Faces Challenges

Shane Molidor, CEO of Forgd, offered a critical view of Circle’s business model in stablecoins. He explained: “When you break down the business model of stablecoins, it closely resembles that of a bank — specifically, a net interest margin (NIM) model.”

“Users mint stablecoins by depositing dollars, and the issuer invests those dollars in short-term instruments like U.S. Treasuries or repos. The spread between the yield earned and the yield passed back to users becomes the stablecoin issuer’s profit.”

Molidor also pointed to challenges Circle faces with distribution and economics. He said: “USDC, in contrast, suffers from a severe distribution gap. Circle relies almost entirely on Coinbase for USDC’s reach — a partnership that is both expensive and arguably non-accretive. In 2024 alone, Circle paid Coinbase a staggering 54% of its total revenue for distribution.”

He further noted that Circle’s thin profit margins and dependence on costly partnerships raise doubts about its valuation, estimating that “Circle may be worth $1.7 to $2.0 billion — far below the rumored $5 billion figure.”