Stablecoin Juggernaut, Circle, Wants $6.7 Billion So It Can Print Dollars Legally (Kind Of)...

If you’re noticing an increasing amount of crypto mouth breathers on the streets today… the reason is because Circle is chasing that dirty public market money again, and Wall Street’s about to find out if “pegged to the dollar” means “immune to clown show volatility.” The stablecoin juggernaut just filed (again) for a New York IPO, targeting a full-dilution fantasy valuation of $6.71 billion… because why settle for being the crypto world’s Federal Reserve when you can get the same rendezvous price action that Bitcoin gets. 

(Source: Giphy) 

Now for those of you NOT currently mainling CoinGecko charts as a hobby, here’s this gist: Circle is the mastermind behind USDC, the stablecoin with a market cap north of $60 billion. USDC’s whole thing is less “I lost my mortgage” than Bitcoin, and more “I promise I’m worth a dollar.” Which is still less promising, but in a world where most coins move like a meth induced squirrel on Adderall, this is basically as grown-up as crypto gets. 

Circle is offering 24 million Class A shares at $24 to $26 a pop, technically raising up to $624 million if enough retail FOMO kicks in. Of that, only 9.6 million shares are coming from Circle itself… so you get the privilege of buying into a company that’s also letting its OG VCs (Accel, General Catalyst, etc.) cash out quicker than Michael Saylor bets his entire existence on BTC. Of course, underwriters like JPMorgan, Citi, and Goldman will be there to make sure nobody accidentally does math LOL.

(Source: Reuters) 

Oh, and speaking of professional FOMO, Cathie Wood’s ARK is trying to shovel up to $150 million worth of shares right out of the gate. The same Cathie whose vibe is “buy high, then buy higher, then tweet about it until the price recovers.” Translation: If you needed a sign that this IPO could melt faces (in either direction), there it is. 

What’s more is that Circle’s IPO would be the biggest crypto listing since Coinbase got memed on by the market in 2021. Not for lack of trying: Circle previously attempted to SPAC itself into a $9 billion valuation with a blank-check deal (sponsored by Bob Diamond, a guy who sounds like he owns a chain of Atlantic City pawn shops), but that whole thing collapsed in 2022. Since then, Circle’s been busy ghosting suitors… including rumor-magnet Coinbase and cryptosphere punching bag Ripple… even as it flirted with a $5 billion outright sale. 

(Source: Giphy) 

But now, the timing is everything here. Trump’s administration is now less crypto helicopter parent and more Regina George’s mom, promising “rational” regulation and encouraging companies to go public. The tipping point will be once the White House starts posting HODL memes… and to be honest, crazier things have happened. I can just picture a Truth Social post on the matter.  

In the end though, Circle’s IPO is officially in the hopper. And if Circle’s IPO pops, expect every stablecoin with a legal team to start eyeing the NYSE like it’s open season for printing money. For now, keep your eyes on this story and place your bets accordingly. This event could trigger a shockwave that ends up being the savior of retirement for many. No promises, though. Until next time, friends…

Stocks.News does not hold positions in companies mentioned in the article.