Circle, the issuer of USDC, aims for an IPO under the ticker ‘CRCL’ with backing from Goldman Sachs and JPMorgan.

Circle, known for issuing the USDC stablecoin, has submitted a filing to become publicly traded under the ticker “CRCL” via an initial public offering on the New York Stock Exchange. This announcement was made on May 27.

The company aims to list 24 million shares of Class A common stock. Out of this total, Circle will issue 9.6 million shares directly, while 14.4 million will be sold by current shareholders.

The anticipated IPO price is set between $24 and $26 per share, which could potentially yield up to $624 million from the offering.

Circle stands to receive approximately $250 million from its portion of the shares. There is also the possibility of raising $343.2 million if underwriters choose to exercise their option to buy an additional 3.6 million shares.

The IPO is still pending regulatory approval and is influenced by overall market conditions.

Financial giants such as JPMorgan Chase, Goldman Sachs, and Citigroup are backing Circle’s IPO as leading bookrunners.

Additional support comes from other prominent banks like Barclays, Deutsche Bank Securities, and Société Générale, which will also serve as bookrunners.

Further backing includes BNY Capital Markets, Canaccord Genuity, Needham & Company, Oppenheimer & Co., and Santander, who are acting as co-managers.

The deal also involves firms such as AmeriVet Securities, Drexel Hamilton, Mischler Financial Group, and Roberts & Ryan, who will fulfill the role of junior co-managers.

This IPO filing illustrates Circle’s aspirations within traditional finance.

It opens a new channel for investors looking to engage with the expanding stablecoin sector, and the success of Circle may pave the way for additional crypto firms considering public offerings.

Notably, this initiative coincides with a resurgence of institutional interest in digital currencies, with reports indicating collaboration among major US banks, including JPMorgan, on a stablecoin initiative.

Additionally, there have been recent speculations connecting Ripple and Coinbase to a possible acquisition of Circle, though the stablecoin issuer has refuted these claims.