From Collapse to Comeback: Circle’s Second Attempt Hits the Bullseye
This is Circle’s second run at going public. In 2022, the company sought a $9 billion merger with Concord Acquisition Corp., a SPAC, but the deal faltered under regulatory pressure. Now, it’s back—and stronger—with real profits and an eye on legislative tailwinds.
Backed by tech titans like Accel, Breyer Capital, General Catalyst, IDG Capital, and Oak Investment Partners, Circle posted $1.66 billion in 2024 revenue, a 16.6% increase from the prior year. Net profit clocked in at $157 million, further cementing its position as a crypto company with traditional market muscle.
Inside the Engine Room: How Circle Powers Stablecoins
At the heart of Circle’s model are USDC and EURC, stablecoins tied to the U.S. dollar and euro respectively. Stablecoins act like financial lifeboats in crypto’s stormy seas—offering 1:1 conversion into fiat and providing a haven from price whiplash.
USDC is currently the second-largest stablecoin globally, behind only Tether’s USDT, while EURC dominates the euro-backed segment. However, the company’s future depends on stablecoins not being classified as securities—a regulatory pivot that could either catapult or cage its ambitions.
Pending legislation in Congress could exempt stablecoins from security definitions, a development that would dramatically favor Circle’s business model.
