Stablecoin company Circle achieves $7 billion valuation during expanded initial public offering, while a top-ranking executive decides to offload shares
Circle, the digital currency company behind the second-largest stablecoin, USDC, has made a significant move with its Initial Public Offering (IPO) on the New York Stock Exchange. The IPO has raised up to $1.2 billion, positioning Circle to expand through acquisition and provide banking on- and off-ramps, FX and currency liquidity with its newly listed stock.
The IPO has crystallized substantial personal wealth for Circle's leadership team. Jeremy Allaire, the co-founder of Circle, retains stock valued at $580 million after selling $49 million worth of shares. Circle's Chief Financial Officer, Jeremy Fox-Green, sold approximately 1.2 million shares, representing three quarters of his total position, netting him roughly $37 million. Nikhil Chandhok, Chief Technology and Product Officer, sold shares worth $18.6 million, reducing his total holdings by 31%. Heath Tarbert, Circle's President and Chief Legal Officer, has built significant equity worth $26 million, excluding stock options.
Interestingly, Fox-Green's direct holdings are now 405,000 shares after the IPO, a significant departure from his originally disclosed plan. This marks a six-fold increase from his actual sale, signalling a shift in his investment strategy. The IPO process has seen some senior leadership members adjusting their stock holdings more than initially planned.
Circle's market capitalization after the IPO would be just over $7 billion. By lunchtime on the opening day, the price of Circle's stock was around 85 cents, valuing the firm at more than $19 billion.
The approval of the GENIUS Act in June 2025 provided regulatory oversight clarity for stablecoins, a catalyst that Circle has used to enhance legitimacy and foster adoption among major corporate partners such as Shopify, Walmart, and Amazon for payment and loyalty programs. This has helped Circle drive revenue primarily from interest on reserves backing USDC and integrate with banking systems via partners like Fiserv.
Circle's strategy appears focused on leveraging regulatory clarity and institutional partnerships to solidify and expand its dominance in the stablecoin market. The IPO has enabled Circle to pursue expansion through acquisitions and partnerships that bolster USDC’s use cases, institutional acceptance, and regulatory compliance. This could reshape the stablecoin landscape by raising compliance standards and market expectations.
However, analysts caution that valuations may not leave sufficient margin for safety as a stock investment. Despite this, from a market strategy perspective, Circle’s IPO and financial positioning enable it to pursue growth opportunities that could significantly impact the stablecoin market.
[1] Source: CoinDesk [2] Source: Bloomberg
In a separate development, Class B shares, with special voting rights, account for 30% of all votes and are held exclusively by Allaire and Neville. Allaire controls 77.1% of this voting bloc. This structure ensures that the founders maintain significant influence over the company's direction, even after the IPO.
- Circle, the company behind USDC stablecoin, raised up to $1.2 billion in its Initial Public Offering (IPO) on the New York Stock Exchange, aligning it for expansion through acquisitions and offering banking services.
- By lunchtime on the opening day, Circle's stock was valued at more than $19 billion, a testament to its growing influence in the stablecoin market.
- The approval of the GENIUS Act in June 2025 provided regulatory clarity for stablecoins, boosting Circle's legitimacy and enabling partnerships with major corporations like Shopify, Walmart, and Amazon.
- Circle's strategy is centered on leveraging regulatory clarity and institutional partnerships to maintain its dominance in the stablecoin market and expand its use cases, acceptance, and compliance.
- A unique voting structure in place, where Allaire controls 77.1% of a 30% voting bloc held exclusively by him and Neville, ensures founders retain significant influence over the company's direction post-IPO. [1] Source: CoinDesk [2] Source: Bloomberg
