USDC
“Can Circle's USDC stablecoin become the default settlement layer for global cross-border payments, replacing correspondent banking and earning reserve yield at scale?”
Founded2013
HQNew York City, United States
FoundersJeremy Allaire, Sean Neville
Total raised$1.1B+ (pre-IPO)
Latest roundIPO, June 2025 (NYSE: CRCL)
IndustryFintech / Crypto
The story
Founded in 2013 as a consumer payments and crypto exchange business, Circle pivoted to become the issuer of USDC in 2018, transforming from a retail-facing crypto company into B2B stablecoin infrastructure. By 2024-2026, Circle repositioned again as a payments network operator through the Circle Payments Network (CPN), seeking to replace correspondent banking rails with USDC-settled cross-border payments. The IPO in June 2025 formalized Circle's identity as a public, regulated stablecoin infrastructure company rather than a consumer fintech.
Last 12 months
2025-06
2025-12
Product timeline
2013
Circle founded by Jeremy Allaire and Sean Neville as a payments technology company.· pivot
2018
Circle launches USDC stablecoin, pegged 1:1 to the US dollar, initially tradeable on Circle Trade and Poloniex.· banking
2021
Circle announced a SPAC merger with Concord Acquisition Corp (backed by Bob Diamond) to go public; deal ultimately did not close.· ipo
2024
Circle Internet Financial Europe SAS notifies ACPR (France) of USDC White Paper under MiCA regulation, establishing EU-regulated EMT status.· banking
2025
Circle goes public on NYSE (ticker: CRCL), reporting $1.68 billion in revenue and reserve income for 2024.· ipo
2026
Circle Payments Network (CPN) launched as next-generation cross-border payment infrastructure using USDC stablecoin settlement; Nium joins as global payout partner.· banking
Regulated entities
EMI
EU (France, MiCA) · 2024
Circle Internet Financial Europe SAS
In the press
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The stack
Payments / PSP
FX & payouts
Crypto
Accounting gap: none