Twelve years after being the first to bring dollars onto the blockchain with USD CoinUSDC

, stablecoin issuer CircleCRCL

is heading to Wall Street to get some cold hard cash. The issuer of the world’s second-largest, and arguably most credible, stablecoin has filed to go public — two and a half years after regulators had a hand in halting a SPAC merger that would’ve valued the firm at $9B.

Coming full circle: This time, Circle is finding its way to Wall Street the old-fashioned way — employing the services of JPMorgan Chase and Citigroup to IPO at a $5B valuation. That’s a significant haircut to the valuation that it could’ve corralled in 2022, but the wait might’ve been well worth it. Staying private through 2022, the company was able to avoid becoming a public-market punching bag for the crypto industry, which had just faced a series of high-profile failures. Today, with better regulation, a broader understanding of crypto, and more enthusiasm around stablecoins, the firm is in a much better position for success.

• In its S-1 filing, Circle shows that its revenues have more than doubled since its first attempt to IPO — Circle reported $1.68B in revenue and reserve income in 2024, a 15.8% increase year-over-year.
• The business says it generates this revenue by earning yield on the reserve assets it owns and tokenizes for use on chain — often in the form of interest, transaction fees, and other earnings.

Stable Assets, Upward Trajectory

At the end of the first quarter, over $60B USDC was in circulation, giving Circle a 26% cut of the stablecoin market. And in terms of market cap, it’s second only to TetherUSDT

, which has faced criticism over the years for its legitimacy and safety. That’s sure to make Circle, the only major US-based stablecoin issuer, an IPO to watch — especially as interest in stables are hitting a fever pitch.

• Traditional financial institutions are increasingly interested in the business of stablecoins, which has prompted attention from Bank of America ($BAC) and BlackRockBLK
  , among others.
• Fintech-oriented businesses like PayPalPYPL
  have already launched their own stablecoin — while other non-banks like Robinhood, Revolut, and Trump’s World Liberty Financial are said to be considering their own.

Real world on the blockchain: The wider embrace of stablecoins represents a big step forward in putting real-world assets (RWAs) on the blockchain — a move that could widen the kinds of assets available on-chain. In recent years, some companies — with varying degrees of legality — have tokenized assets and made them available across blockchains. However, with the support of larger institutions and more regulatory clarity in the US, more legitimate institutions like Fidelity are pushing forward with plans to tokenize digital money market funds. It might be the beginning of a great deluge.