Circle

Issues USD Coin (USDC) and Euro Coin (EURC), the world's second-largest regulated stablecoins, and operates a global payments network for on-chain settlement. Filed confidential S-1 for IPO in 2024. USDC circulation up 108% YoY in Q3 2025. Revenue and reserve income hit $740M in Q3 2025.

Circle is the canonical regulated stablecoin issuer—USDC has crossed $73B in circulation, the company reported $1.68B in 2024 revenue, and its IPO filing makes it the defining public-market stablecoin company.

circle.com Stablecoin Issuers

United Statespublic · CRCL

At a glance

Total raised

$1.1B

last round ipo

Headcount

1001-5000

approximate · public range

Headquarters

Boston

United States

Founded

2013

13 years active

Status

Public

Ticker · CRCL

Patents on file

USPTO grants

For subscribers

Subscribe to see the full profile

Including Funding rounds, Bull / Bear thesis, Stock + earnings, Roster changes, Patents, News, and Open roles.

Founding

50% off

/month

94 of 100 spots left

Full

$10

/month

Available once all 100 Founding Member spots are claimed.

Get full access

Already subscribed? Sign in →

Funding history

Total raised

$1.1B

Rounds tracked

Latest stage

IPO

Date	Stage	Amount	Valuation	Lead investors
Jun 4, 2025	IPO	—	—	—
Apr 12, 2022	Growth	$400M	—	BlackRock, Fidelity, Marshall Wace, Fin Capital
May 28, 2021	Growth	$440M	—	Fidelity, FTX, Marshall Wace
Jul 30, 2020	Growth	$25M	—	Digital Currency Group
May 16, 2018	Series E	$110M	$3B	Bitmain
Jun 22, 2016	Series D	$60M	—	IDG Capital Partners, Breyer Capital
Apr 30, 2015	Series C	$50M	$200M	Goldman Sachs, IDG Capital Partners
Mar 26, 2014	Series B	$17M	—	Breyer Capital, Accel Partners, General Catalyst Partners, Oak Investment Partners
Oct 31, 2013	Series A	$9M	—	Breyer Capital, Accel Partners, General Catalyst Partners

Stock performance

$113.12000274658203

2026-05-22 · CRCL

Founder backgrounds

Jeremy Allaire

Chairman and Chief Executive Officer

Co-founded Allaire Corporation in 1995, building ColdFusion — one of the first web application platforms — which was acquired by Macromedia in 2001 for roughly $360 million. In 2004, he co-founded Brightcove, an online video platform that went public on NASDAQ in 2012 and served as its CEO through 2013. Prior to founding Circle in 2013, he was an entrepreneur-in-residence at Greylock Partners. Across two successful exits, his career has tracked the internet's evolution from content delivery infrastructure to native financial rails. He is among the most vocal advocates in crypto for clear stablecoin regulation, regularly testifying before Congress and maintaining that regulatory clarity is a prerequisite for mainstream adoption rather than an obstacle to it.

Sean Neville

Co-founder and former Co-CEO

A longtime collaborator of Jeremy Allaire, Neville co-founded Circle after previously co-founding Brightcove, the video cloud platform that went public in 2012. Earlier in his career, he worked at Allaire Corporation (acquired by Macromedia) and held engineering roles at Macromedia following the acquisition. At Circle, he served as co-CEO alongside Allaire from its 2013 founding until stepping back in 2021 to focus on product and engineering leadership before departing the company in 2023. Neville was the quieter, product-side counterpart to Allaire's more public-facing CEO role, and was instrumental in architecting Circle's approach to regulated digital dollars.

AI bull / bear

Bull case

Circle has hit escape velocity. USDC circulation surged 108% year-over-year in Q3 2025, crossing $73 billion, and the company pulled in $740 million in revenue and reserve income in that quarter alone—up sharply from the $1.68 billion full-year figure for 2024. The core thesis is simple: Circle earns yield on the Treasury and cash-equivalent reserves backing every USDC token in circulation. When circulation expands and interest rates remain elevated, revenue scales almost frictionlessly. That high-margin float income funds Circle's expansion beyond issuance into a full-stack on-chain settlement network, deepening its moat. Regulation, often a threat to crypto-native firms, is Circle's advantage. USDC is the world's second-largest regulated stablecoin, and with MiCA in force in Europe and stablecoin legislation advancing in the US, unregulated competitors face existential pressure. Circle's confidential S-1 filing positions it to become the defining public-market stablecoin—attracting institutional capital, forcing mark-to-market discipline on rivals, and locking in brand trust at the exact moment stablecoins go mainstream for cross-border payments and treasury management.

Bear case

Circle's business is a leveraged bet on interest rates disguised as a payments company. Reserve income—the yield on assets backing USDC—constitutes the overwhelming majority of revenue. If the Fed cuts rates materially, that income collapses regardless of circulation growth. The $740 million quarterly revenue figure from Q3 2025 is rate-dependent, not structurally durable. Tether remains the dominant stablecoin, and its lead in emerging-market peer-to-peer usage is entrenched. Circle's distribution relies on crypto exchanges and fintech partners; when trading volumes dip, USDC redemptions follow. The 2023 SVB crisis, where $3.3 billion of USDC reserves were temporarily trapped, exposed the fragility of Circle's banking dependencies. That trust scar has not fully healed. Meanwhile, PayPal's PYUSD leverages a 400-million-user distribution network, and major banks are quietly building their own tokenized deposit products. An IPO forces Circle into quarterly earnings cycles and public disclosure that may reveal concentration risk, thin operational margins beneath the headline float income, and a growth narrative that decelerates the moment the crypto bull cycle cools.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

Watch

Leadership

Jeremy Allaire

Chairman and Chief Executive Officer

in 𝕏

Sean Neville

Co-founder and former Co-CEO

—

Nikhil Chandhok

Chief Product and Technology Officer

—

Jeremy Fox-Geen

Chief Financial Officer

—

Kash Razzaghi

Chief Commercial Officer

—

Mandeep Walia

Chief Compliance and Risk Officer

—

Products

USDC
USDC is a regulated digital dollar stablecoin pegged 1:1 to the U.S. dollar, issued by Circle. It runs on multiple blockchains including Ethereum, Solana, Avalanche, and more, enabling instant, low-cost global payments, decentralized finance (DeFi) applications, and treasury operations. USDC is the second-largest stablecoin by market capitalization and is backed by a reserve of cash and short-dated U.S. Treasuries held at regulated financial institutions, with monthly attestations from a top accounting firm.
EURC
EURC is a euro-denominated regulated stablecoin issued by Circle, pegged 1:1 to the euro. It allows businesses and individuals to move euro-value on-chain across multiple blockchain networks including Ethereum, Solana, and Stellar. Designed for European payments, cross-border settlements, and DeFi applications, EURC offers the same transparency, regulatory compliance, and reserve backing standards as USDC, making it the leading regulated euro stablecoin.
Arc
Arc is Circle's platform for building onchain applications and financial services. It provides developers with APIs and SDKs for wallet creation, USDC management, payment flows, and liquidity services across multiple blockchains. Arc includes App Kit for common payment and liquidity flows, Circle Wallets for user account management, and Programmable Wallets for advanced automation. It targets fintechs, enterprises, and developers looking to integrate stablecoin capabilities without building blockchain infrastructure from scratch.
Circle Payments Network (CPN)
Circle Payments Network is a global payments and settlement network that connects financial institutions, fintechs, and enterprises for real-time cross-border payments using USDC. It enables fiat-to-crypto and crypto-to-fiat settlement rails, allowing businesses to send and receive payments 24/7/365 with near-instant finality. CPN integrates with traditional banking infrastructure while leveraging blockchain for transparency, speed, and lower costs, competing with traditional correspondent banking and wire transfer systems.

Most recent patents

8 patents on file, but none with both an extractable figure and an abstract on Google Patents yet.

Open roles

We don't have a live feed for this company's ATS. Their careers page has every open role.

View all careers ↗

Circle

At a glance

Subscribe to see the full profile

Funding history

Stock performance

Founder backgrounds

Jeremy Allaire

Sean Neville

AI bull / bear

In the news

Even a mountain of T-bills won't save Tether and Circle from a sudden liquidity crisis, expert says

Senator Warren criticizes OCC over Ripple, Coinbase and other crypto trust charters

Bernstein says Clarity Act yield compromise cements Circle’s edge amid record stablecoin supply

Turnkey raises $12.5 million in round backed by Circle Ventures and Sequoia Capital

Bernstein maintains $190 Circle price target as $222 million ARC presale cushions rate pressure

Cathie Wood’s Ark Invest chases Circle stock as it hits a 2-month high

Watch

Leadership

Products

USDC

EURC

Arc

Circle Payments Network (CPN)

Most recent patents

Open roles

Compare Circle with