Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.

The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle's long-anticipated entry into the public markets.

Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.

The company, which had previously attempted to go public through a SPAC merger that fell apart, will offer 32.2 million shares at a price range of $18 to $20 per share, according to a prospectus filed with the Securities and Exchange Commission on Tuesday.

JPMorgan Chase and Citigroup are serving as lead underwriters. The company's stock will trade on the NYSE under the ticker symbol CRCL.

Circle is best known as the issuer of USD Coin (USDC), the world's second-largest stablecoin by market capitalization.

Its push into the public markets reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry gains confidence that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins. President Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress's August recess.

Stablecoins' growth could have implications for crypto exchanges like Robinhood and Coinbase as they become a bigger part of crypto trading and cross-border transfers.

Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin, and Coinbase CEO Brian Armstrong said on the company's most recent earnings call that it has a "stretch goal to make USDC the number 1 stablecoin."

The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a "systemically important" part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the

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A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.

Circle will be trying to hit the public markets at a volatile moment for tech stocks, with the Nasdaq having just wrapped up its steepest quarterly drop since 2022. The tech IPO market has been mostly dry for over three years, though there are signs of life. Online lender Klarna, digital health company Hinge Health and ticketing marketplace StubHub have all filed their prospectuses recently. Late last week, artificial intelligence infrastructure provider CoreWeave held the biggest IPO for a U.S. venture-backed tech company since 2021. But the company scaled back the offering and the stock had a disappointing first two days of trading before rebounding on Tuesday.