Circle Internet Group Explained

Circle (legally Circle Internet Group, Inc.[1]) is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013,[2] [3] it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.

The company's software platform enables users to move USDC across blockchains, as well as EURC and USYC. Circle had raised US$1.1 billion from investors by 2019. With $1.68 billion in revenue and reserve income in 2024, Circle went public on the NYSE in June 2025.

History

Founding (20132017)

Circle was founded by Jeremy Allaire and Sean Neville in October 2013 in Boston, Massachusetts,[2] [3] with Allaire and Neville as co-CEOs. Circle was formed[4] as a consumer finance company aiming to use the bitcoin blockchain as a payments platform. In March 2014 the company debuted its first product, the mobile payment platform Circle Pay. The bitcoin wallet service[5] [6] [7] facilitated first bitcoin transactions and later ether transactions, and allowed users to send payments in a message accompanied by emojis or GIFs. In September 2015, Circle Pay began allowing users to hold, send, and receive fiat currencies as well as cryptocurrency.[8]

In 2015, Circle began working with the UK bank Barclays in what was the first banking relationship between a large global bank and a bitcoin company.[9] In 2016, Circle listed Dublin as its headquarters and was run primarily out of Boston. Products included Circle Invest, Circle Pay, and Circle Trade, among others, in December 2016 the Circle app stopped supporting the exchange of bitcoin, but still allowed money transfers.[10] [11] The company announced a partnership with Coinbase in late 2016.[10] In October 2017, Circle launched a new service for group payments and cash transfers to US accounts.[12] [13]

Forming Centre and USDC (2018)

Circle raised US$110million in venture capital in May 2018 to create a new Ethereum stablecoin[14] backed by USD. In September 2018, Circle[15] debuted the consortium Centre, which launched the cryptocurrency USDC pegged to the dollar. With members such as Coinbase Global[15] and Bitmain, Centre served as a platform for users to make deposits from traditional bank accounts and convert fiat currency into tokens, as well as shift tokens back to banknotes.[16] Coinbase and Circle dissolved the Centre Consortium five years later, in August 2023, giving Circle sole governance of USDC.

USDC expansion (20192023)

Circle Pay mobile and web apps were discontinued on September 30, 2019.[17] Sean Neville resigned as co-CEO in late 2019,[18] remaining on the board.[19] Jeremy Allaire became sole CEO.[20] In July 2021, Circle announced a plan to go public by merging with a special-purpose acquisition company called Concord Acquisition Corp in a $4.5billion deal.[21] In December 2022 the deal was terminated.[22] Circle partnered with Robinhood in August 2022.[23] In December 2022, Circle partnered with the U.N. High Commissioner for Refugees to distribute USDC to Ukrainian refugees, who could then exchange the stablecoins for local currencies.[24]

Up until late 2022, USDC reserves were largely held at the Bank of New York Mellon. In late 2022, BlackRock began managing the USDC reserves, moving roughly 80% of the total into the Circle Reserve Fund, a money market fund with a mix of cash and short-term government debt (T-bills).[25] On March 10, 2023, USDC announced that $3.3 billion of its $40 billion USDC reserves were held at Silicon Valley Bank when SVB collapsed.[26] Within the month, Circle moved the reserves to The Bank of New York Mellon Corporation instead.[27]

Circle selected Paris as its European headquarters in March 2023,[28] [29] at which point, Circle had licenses in 49 US states as well as Puerto Rico and the District of Columbia.[30] In July 2023, Circle announced layoffs and stated that it had discontinued investments in non-core business areas.[31] In September 2023, the company released a protocol enabling users to move USDC between blockchains. It also unveiled a programmable Web3 wallet platform. That month, Visa expanded a pilot program using USDC on the Solana blockchain to help pay some merchants in cryptocurrency.[32] Later that year, Coinbase took an equity stake in Circle, and Circle announced that USDC would be available on six additional blockchains.[33] With a $1 billion cash cushion,[34]  in 2023, Circle reported $1.45 billion in revenue, up from $772 million in 2022.[35] It was named as one of the TIME 100 Most Influential Companies of 2023 by TIME.[24]

Recent developments (20242025)

In February 2024, Circle stopped supporting USDC token on the Tron network.[36] [37] According to data compiled by Visa, USDC overtook Tether in stablecoin transaction volume in April 2024.[38] Circle partnered with Binance in December 2024, retaining its ties with Coinbase as well. Circle's net income in 2024 was $156 million, and Circle reported $1.68 billion in revenue and reserve income.[35] In April 2025, a bid by Ripple Labs to acquire Circle Internet Financial for $4 to $5 billion was rejected as too low.[39] USDC had a market capitalization of $60 billion in May 2025, remaining the second biggest stablecoin after Tether.

After Circle Internet confidentially filed plans for a U.S. initial public offering in January 2024,[40] [41] [42] on May27, 2025, Circle launched its IPO on the NYSE, seeking $624million for a valuation of up to $6.7billion. It listed on the NYSE[43] [44] on June 4, 2025. By its second day as a public company, stock had gained 247%, with market value rising to about $28.6 billion.[45] On June 20, after the US senate passed the GENIUS Act clarifying potential stablecoin regulation, Circle's stock "rallied," at which point it was 675% higher than its IPO debut.[46] Circle is currently headquartered in New York City. Among current executive roles are Heath Tarbert as president, Jeremy Allaire as CEO and Chairman, Li Fan as Chief Technology and AI Officer, and Jeremy Fox-Geen as CFO.

Acquisitions and sales

After receiving Financial Industry Regulatory Authority approval, Circle acquired SeedInvest[47] in March 2019.[48] [49] In October 2019, Circle sold the cryptocurrency exchange Poloniex,[18] which it had purchased in February 2018 for $400 million,[50] [51] to an investment firm.[18]

In December 2019, Circle sold its Circle Trade business to Kraken. In February 2020, Circle sold its digital asset trading platform to Voyager Digital.[52] [53]

In November 2021, Circle led a million funding round in crowdfunding platform Crowdcube.[54]

In January 2025, Circle acquired Hashnote, which operates a tokenized money market fund with $1.5 billion in assets under management. The acquisition included Hashnote's USYC (US Yield Coin) digital token.

In December 2025, it was announced that Circle had agreed to acquire the team and proprietary intellectual property of Interop Labs, a contributor to the Axelar Network. The transaction, expected to close in early 2026, brought Interop Labs’ cross-chain interoperability technology into Circle’s blockchain infrastructure, while the Axelar Network and its governance remained independent.[55]

Funding

By April 2015, Circle had received over million in venture capital from four investment rounds, including million led by Goldman Sachs.[56] [57] [58] [59] Circle raised US$60 million in a Series D funding round in June 2016.[60] By late 2019, Circle had raised $1.1 billion from investors such as Coinbase.[20] It raised $400 million in April 2022 from investors such as BlackRock, Fidelity Investments,[30] and Marshall Wace LLP.[61]

Licenses

The Circle website as of 2025 lists licenses to operate in 46 US states, the District of Columbia, Puerto Rico, the European Union, the United Kingdom, Singapore, the UAE, Bermuda, Canada, and Japan.

Previously, it was the first company to receive a number of newly created bitcoin licenses in various regions. Originally operating in Boston,[2] [3] in September 2015, Circle Internet Financial became the first firm to receive the new BitLicense issued by the New York State Department of Financial Services.[62] [63] [64] Circle then became the first recipient of the British government's virtual currency licensure in April 2016.[9] In June 2016, Circle announced it would expand its services to China[65] through Circle China, an independent company.[60] It later closed operations in China.[66] Circle in late 2016 expanded into South Korea and the Philippines.[10] In 2023, Circle received a Major Payment Institution license from the Monetary Authority of Singapore.[67] In 2024 the company registered as an electronic money institution, or EMI, in France, opening up both USDC and the Circle stablecoin EURC to be issued in the European Union per the EU's Markets in Crypto-Assets, or MiCA, regulatory framework.

Regulatory stance

Circle CEO Jeremy Allaire began lobbying US Congress in 2023 to provide clear rules for stablecoins. In 2023, at the World Economic Forum's annual meeting in Davos, Switzerland, Allaire stated that he wanted Circle to be regulated by the US Federal Reserve and become an established financial player in order to distinguish the company from then recent implosions in the crypto industry.[68] [69] After the passage of the Genius Act by the U.S. Senate in 2025, which regulates stable-coin reserves and transparency, Allaire said the bill would "drive US economic and national competitiveness for decades to come".[70]

Services and products

Circle issues two types of stablecoin: USDC, and EURC.[71] USDC has a conversion rate pegged to the US dollar,[72] [73] while EURC is a euro-denominated stablecoin.[74] Circle also issues USYC, a tokenized money market fund backed by US Treasury holdings.[75] The company's software enables users to move Circle stablecoin between blockchains, and services include a programmable web3 wallet platform enabling applications to store, send, and receive cryptocurrencies. Its Circle Mint platform allows businesses to mint and redeem Circle stablecoins[71] in large volumes.[76]

See also

Notes and References

  1. Web site: Form S-1 Registration Statement . . 3 April 2025.
  2. Web site: Circle Internet Financial, Inc.: Private Company Information - Businessweek . 2016-04-13 . Bloomberg.
  3. Web site: Aaron . Pressman . December 17, 2022 . Amid crypto crash, Boston's Jeremy Allaire may be the last person standing . 2023-03-20 . BostonGlobe.com . en-US.
  4. News: Lang . Hannah . McGee . Suzanne . Lang . Hannah . 2025-06-05 . Circle's blockbuster IPO paves way for other crypto public listings . 2025-06-08 . Reuters . en.
  5. This Digital Wallet Could Finally Get You Into Bitcoin. Alba. Davey. Davey Alba. April 30, 2015. WIRED. 23 Oct 2018.
  6. News: Digital currency firm gets $17m in financing. Alspach. Kyle. March 27, 2014. The Boston Globe. April 18, 2014.
  7. News: Still More Bitcoin Investing: Circle Internet Financial Raises $17 Million from Oak, Others. Swisher. Kara. Kara Swisher. March 26, 2014. re/code. April 18, 2014.
  8. Web site: Circle's bitcoin app now lets you send cash. beta Boston. en-US. 2016-04-13. Nidhi Subbaraman. 25 Sep 2015. 2015-09-29. https://web.archive.org/web/20150929013206/http://www.betaboston.com/news/2015/09/25/circles-bitcoin-app-now-lets-you-send-cash/. dead.
  9. News: Bitcoin Start-Up Gets an Electronic Money License in Britain. Popper. Nathaniel. 2016-04-06. The New York Times. 0362-4331. 2016-04-06.
  10. Web site: Circle removes ability to buy and sell Bitcoin as it doubles down on mobile payments. en-US. 2017-02-07. Fitz Tepper. TechCrunch. 12 Jul 2016.
  11. Web site: Spark, New Markets, App Messaging, and Bitcoin Changes . Sean Neville. Jeremy Allaire. 2016-12-06 . The Circle Blog . 2017-06-06 . 2016-12-08 . https://web.archive.org/web/20161208151207/http://blog.circle.com/2016/12/06/spark-new-markets-app-messaging-and-bitcoin-changes/ . dead.
  12. News: Dublin payments firm debuts group transfers - Independent.ie. Independent.ie. 2017-10-19. en . Adrian Weckler . 19 Oct 2017.
  13. News: Circle reveals group payments and fast, free cash transfers to US accounts. Kennedy. John. 2017-10-19. Silicon Republic. 2017-10-19. en-GB.
  14. News: Cryptocurrency Startup Circle Raised $110M For Ethereum Coin Backed By U.S. Dollars. Castillo. Michael del. Forbes. 2018-05-16. en. 15 May 2018.
  15. Web site: Circle wanted to create a financial revolution. Instead, it's losing the stablecoin wars to Tether . 2023-11-13 . Fortune Crypto . en.
  16. News: 2018-09-26 . Circle Joins Ranks of Stable Crypto Coins With Dollar Token . en . Bloomberg.com . 2023-11-13.
  17. Web site: 17 June 2019 . Circle Pay Pulls Out of the Mobile Payments Market .
  18. News: Mendoza . Ron . Circle Layoffs 2019: Crypto Platform Fires Staff Days After CEO Resigns . November 1, 2025 . . December 13, 2019.
  19. https://fortune.com/crypto/2025/05/20/sean-neville-catena-labs-18-million-a16z-breyer-circle-coinbase-tom-brady/
  20. https://finance.yahoo.com/news/circle-hires-banks-long-awaited-141016428.html
  21. News: Vigna . Paul . 2021-07-08 . Cryptocurrency Operator Circle to Go Public in $4.5 Billion SPAC Merger . en-US . Wall Street Journal . 2021-07-28 . 0099-9660.
  22. News: 2022-12-05 . Crypto group Circle ends $9bn deal to go public through Bob Diamond's Spac . Financial Times . 2022-12-05.
  23. News: 2022-09-29 . Circle and Robinhood pair up to bring USD Coin to the zero-fee crypto trading platform . https://web.archive.org/web/20221008153548/https://www.fastcompany.com/90793597/circle-and-robinhood-pair-up-to-bring-usd-coin-to-the-zero-fee-crypto-trading-platform . 2022-10-08 . 2025-11-12 . Fast Company . en-US.
  24. News: 2023-06-21 . Most Influential Companies 2023: Circle Internet Financial . https://web.archive.org/web/20250805100851/https://time.com/collection/time100-companies-2023/6285109/circle-internet-financial/ . 2025-08-05 . 2025-11-12 . Time . en.
  25. Web site: Kim . Crystal . 2023-03-03 . Tokenized securities, they're already here . 2025-11-12 . Axios . en.
  26. News: Stablecoin Firm Circle Reveals $3.3 Billion Exposure to Silicon Valley Bank . https://web.archive.org/web/20241125172349/https://www.bloomberg.com/news/articles/2023-03-10/binance-tether-say-no-svb-exposure-while-circle-stays-mum . 2024-11-25 . 2025-11-12 . Bloomberg.com . en.
  27. News: 2023-03-16 . US Bank Crisis Prompts Stablecoin Backer's Flight to Big Lenders . en . Bloomberg.com . 2023-03-20.
  28. News: 2023-03-21 . " Le géant des stablecoins Circle choisit Paris pour établir son siège européen " . fr . bfmtv.com . 2023-03-29.
  29. News: 2023-03-21 . Circle Picks Crypto-Friendly France for European Headquarters . En . 2023-03-29.
  30. Web site: Bambysheva . Nina . Circle Begs Congress: Please Regulate Us . 2023-06-12 . Forbes . en.
  31. News: Crypto firm Circle to cut workforce, focus on core activities .
  32. Web site: Visa to send stablecoin USDC over Solana to help pay merchants in crypto . 2023-09-19 . Fortune Crypto . en.
  33. Web site: USDC to be available on 15 blockchains after adding 6—including Base, Optimism, and Polygon PoS—over next 2 months . 2023-09-19 . Fortune Crypto . en.
  34. News: 2023-08-10 . Circle Says $1 Billion in Cash Serves as Buffer While Market Share Declines . en . Bloomberg.com . 2023-09-19.
  35. Web site: Macheel . MacKenzie Sigalos,Tanaya . 2025-04-01 . Stablecoin issuer Circle files for IPO as public markets open to crypto . 2025-11-12 . CNBC . en.
  36. News: Stablecoin USDC Ditches Tron Network, Cites Risk Management . 2024-03-21 . Bloomberg. 21 February 2024 .
  37. Web site: Wilson . Tom . 2024-02-21 . Crypto firm Circle to end support for USDC stablecoin on Tron blockchai . .
  38. News: Shukla . Sidhartha . April 29, 2024 . Circle's USDC Takes Lead in Stablecoin Transactions, Visa Says . Bloomberg.
  39. News: Ripple Offered to Buy Stablecoin Rival Circle . Bloomberg . 2025-04-30 . 2025-05-04.
  40. Web site: Circle And Binance Become A Stablecoin Power Couple. Forbes. December 11, 2024. Nina Bambysheva. December 15, 2024.
  41. Web site: Howcroft . Elizabeth . Lang . Hannah . Howcroft . Elizabeth . Lang . Hannah . Circle confidentially files for US IPO . Reuters . 11 January 2024 .
  42. Web site: Sigalos . MacKenzie . 2024-01-11 . Circle confidentially files for IPO following banner year for crypto stocks . 2024-03-18 . CNBC . en.
  43. News: Hughes . Anthony . 2025-06-04 . Stablecoin Firm Circle's IPO Raises $1.1 Billion in Upsized Deal . Bloomberg News.
  44. Web site: Basil . Arasu Kannagi . Lang . Hannah . Basil . Arasu Kannagi . Lang . Hannah . Stablecoin giant Circle's shares surge in blowout NYSE debut . Reuters . 5 June 2025 .
  45. https://www.bloomberg.com/news/articles/2025-06-06/stablecoin-firm-circle-jumps-as-ipo-pop-hits-205-on-second-day
  46. https://www.cnbc.com/2025/06/20/circle-shares-extend-their-rally-after-senate-passes-landmark-stablecoin-bill.html
  47. Web site: Lily Katz . 5 Oct 2018 . Circle to Buy SeedInvest to Help Startups Raise Cash With Crypto . 25 October 2018 . Bloomberg.
  48. Web site: 2019-03-04 . Crypto Payments Firm Circle Closes Acquisition of Crowdfunding Platform SeedInvest . 2024-04-22 . Yahoo News . en-US.
  49. Web site: PYMNTS . 2019-03-04 . Circle Pay Closes On Acquisition Of SeedInvest . 2024-04-22 . PYMNTS.com . en-US.
  50. Web site: Robert Hackett . This Big Cryptocurrency Acquisition Could Create a Wall Street-Style Financial Giant . Fortune . 24 October 2018 . 26 Feb 2018 . 26 February 2018 . https://web.archive.org/web/20180226142013/http://fortune.com/2018/02/26/circle-cryptocurrency-trade-bitcoin/ . dead.
  51. Web site: Romain Dillet . Circle acquires cryptocurrency exchange Poloniex . TechCrunch . 28 January 2020 . February 26, 2018.
  52. Web site: 2020-02-12 . Circle Spins Out More Business, Sells 'Invest' to Voyager Digital . 2024-04-16 . Financial and Business News Finance Magnates . en.
  53. News: Circle Sells Crypto Investing App Business to Voyager Digital . Bloomberg.com . 12 February 2020.
  54. Web site: Crowdcube raises ÂŁ10m to power European expansion . 25 July 2022 . AltFi.
  55. Web site: Buddy . Jewel . 2025-12-16 . Circle Acquires Interop Labs to Accelerate Cross-Chain Blockchain Infrastructure . 2025-12-16 . DeFi Planet . en-GB.
  56. News: Alden . William . Dealbook: Startup Unveils Bitcoin Payments Product . The New York Times . March 26, 2014 . April 18, 2014.
  57. Web site: Bitcoin startup Circle raises $50 million from Goldman Sachs and IDG. Stan . Schroeder. April 30, 2015. Mashable. 23 Oct 2018.
  58. News: Goldman a Lead Investor in Funding Round for Bitcoin Startup Circle. Michael J. . Casey. April 30, 2015. Wall Street Journal. 23 Oct 2018.
  59. News: Nathaniel . Popper . Dealbook: Goldman and IDG Put $50 Million to Work in a Bitcoin Company . The New York Times . April 30, 2015 . 23 Oct 2018.
  60. Web site: Circle Raises $60 Million in Funding Round Backed by Baidu, IDG. Wang. Selina . Bloomberg. 2016-06-23. 23 Oct 2018.
  61. Web site: Circle Announces $400M Funding Round . www.prnewswire.com . en . 12 April 2022.
  62. Web site: Moneybeat: Circle Gets First 'BitLicense,' Releases CirclePay, New Service. Paul . Vigna. September 22, 2015. Wall Street Journal. 23 Oct 2018.
  63. Web site: Circle gets first bitcoin license from New York regulators. Curt. Woodward. September 22, 2015. beta Boston. 23 Oct 2018. 23 September 2015. https://web.archive.org/web/20150923173720/http://www.betaboston.com/news/2015/09/22/circle-gets-first-bitcoin-license-from-new-york-regulators/. dead.
  64. Web site: NYDFS Announces Approval of First BitLicense Application from a Virtual Currency From a Virtual Currency Firm. press release. NYDFS. September 22, 2015. ny.gov. 23 Oct 2018. https://web.archive.org/web/20180131023602/http://www.dfs.ny.gov/about/press/pr1509221.htm. 31 January 2018. dead.
  65. Web site: Dublin-listed Circle gets €54m for China expansion. 28 June 2016 .
  66. https://www.circle.com/about-circle
  67. Web site: Circle Singapore Gets Digital Payment Token License From MAS . 2023-06-12 . news.bloomberglaw.com . en.
  68. Web site: Crypto Presence Endures at Davos . 2023-02-14 . WSJ . en.
  69. News: Chowdhury . Divya . Mattackal . Lisa Pauline . 2023-01-16 . Davos 2023 New regulatory definitions needed for digital assets -Circle CEO . en . Reuters . 2023-02-14.
  70. https://www.newyorker.com/news/the-financial-page/why-passing-the-stablecoin-genius-act-might-not-be-so-smart Why Passing the Stablecoin Genius Act Might Not Be So Smart
  71. News: Browne . Ryan . Crypto firm Circle gets approval to issue stablecoin in EU under bloc’s strict rules . . July 1, 2025.
  72. Web site: Anna Irrera . Circle raises $110 million, plans to create dollar-pegged cryptocurrency . Reuters . 25 Oct 2018 . 15 May 2018.
  73. Web site: Kate Rooney . Goldman Sachs-backed start-up Circle introducing a crypto version of the US dollar . CNBC . 25 Oct 2018 . 15 May 2018.
  74. https://www.reuters.com/technology/crypto-firm-circle-internet-some-shareholders-aim-raise-624-million-us-ipo-2025-05-27/
  75. Web site: Roberts . Jeff John . Circle acquires Hashnote, which just overtook BlackRock in tokenized money market funds . 2025-11-12 . Fortune Crypto . en.
  76. https://www.circle.com/circle-mint

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