Circle Internet Group, the issuer of USD Coin (USDC), reported a 16% revenue increase in its latest financial disclosure as it prepares for a second attempt at an IPO on the New York Stock Exchange. The company recorded $1.68 billion in revenue and reserve income for the past year, up from $1.45 billion in 2023. Despite a decrease in net income from $271.5 million in 2023 to $157 million in 2024, Circle remains committed to transparency and accountability, as stated by CEO Jeremy Allaire. The IPO market faces challenges due to economic uncertainties, but the U.S. is showing a favorable stance towards cryptocurrencies. Circle's USDC is the second-largest stablecoin, with competition from PayPal and Ripple. Previously, Circle's $9 billion merger attempt with a SPAC was terminated. J.P. Morgan and Citigroup are leading the IPO underwriting, with Circle expected to trade under the ticker 'CRCL'.

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April 2 (Reuters) - Circle Internet Group disclosed a nearly 16% jump in revenue after markets closed on Tuesday, as the USD Coin issuer attempts a second go at listing on the New York Stock Exchange. The company reported revenue and reserve income of $1.68 billion for last year, compared with $1.45 billion in 2023. Net income from continuing operations was nearly $157 million in 2024 versus $271.5 million in the previous year. The IPO market is currently in a delicate place, as investors look to balance demand for new listings against risks posed by economic uncertainty, such as tariffs. However, the U.S. has embraced cryptocurrencies, with Paul Atkins, President Donald Trump's pick to lead the Securities and Exchange Commission, pledging to  adopt a more "rational" approach  to crypto regulation. "In many respects, Circle has for a long time been under intense public scrutiny," co-founder and CEO Jeremy Allaire wrote in a letter. "Becoming a publicly traded corporation is a continuation of our desire to operate with the greatest transparency and accountability possible." USDC is the second-biggest stablecoin, after Tether, and the seventh-biggest crypto token overall, according to market tracker CoinGecko. While the duo chiefly dominate the market, competition has been heating up. PayPal  (PYPL.O) , opens new tab  and Ripple have  their own stablecoins , while Trump's World Liberty Financial has  promised to launch one  as well. Circle had previously attempted to go public via a $9 billion merger with a special purpose acquisition company, but the deal was  terminated  in late 2022. It  confidentially filed  for an IPO last year. Stablecoins are digital tokens designed to keep a constant value. They are backed by traditional, low-risk assets such as the U.S. dollar, euro or Treasury bonds. J.P. Morgan and Citigroup are the lead underwriters for Circle's IPO. The company is expected to trade under the ticker "CRCL".

Circle Internet Group Reports Revenue Growth Ahead of Second IPO Attempt