Stablecoin issuer Circle taps JP Morgan Chase, Citi ahead of its planned IPO filing in late April: report

The stablecoin issuer Circle Internet Financial enlisted the help of JP Morgan Chase and Citi, two of the biggest investment banks based in the United States, for a forthcoming initial public offering this year, Fortune reported, citing two people familiar with the matter. Circle intends to file sometime in late April, but that plan could change, Fortune's reporting continues. And while Circle's could trade four weeks after the public filing, it could take much longer depending on its registration status. Circle has previously attempted to go public, once via a Special Purpose Acquisition Company (SPAC) merger in 2021, and again in 2024 following a confidentially submitted draft S-1 registration filing with the SEC in 2024. Circle joins other crypto industry heavyweights in planning to go public under a crypto-friendly presidential administration and Securities and Exchange Commission. Crypto exchanges Kraken and Gemini, as well as the crypto custodian BitGo, have all revealed plans to go public within this year or the next, The Block previously reported. Circle issues USDC, which, according to The Block's Data Dashboard, is the second-largest USD-pegged stablecoin by market supply behind Tether's USDT. JP Morgan Chase declined to comment on the matter. The Block also contacted Citi and Circle for comment. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.