Circle, the issuer of USDC, a stablecoin pegged to the U.S. dollar, filed to go public on Tuesday.
The company, which makes money from interest earned on its reserve assets, reported that its 2024 revenue and reserve income was $1.68 billion, up from $1.45 billion the year prior. Circle’s 2024 net income was $156 million, down from $268 million in 2023.
This is Circle’s second attempt at listing on the stock exchange. The company previously tried to go public by combining with a SPAC in 2022 but scrapped its plans when the SEC didn’t approve the merger within an expected timeframe. Before failing, the SPAC deal valued Circle at $9 billion.
While it is not clear what value the company will fetch in its IPO, Renaissance Capital estimates that the company will attempt to raise $750 million in its offering.
According to the regulatory filing, investors with more than 5% ownership in the company include Accel, General Catalyst, Breyer, IDG Capital, and Oak Investment Partners.
Circle USDC in circulation are valued at $60 billion, according to the filing.
The company is planning its IPO amid the Trump administration’s supportive stance on crypto assets.
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Zelle is shutting down its stand-alone app on Tuesday, according to a company blog post.
This news might be alarming if you’re one of the over 150 million customers in the U.S. who use Zelle for person-to-person payments. But only about 2% of transactions take place via Zelle’s app, which is why the company is discontinuing its stand-alone app.
Most consumers access Zelle via their bank, which then allows them to send money to their phone contacts. Zelle users who relied on the stand-alone app will have to re-enroll in the service through another financial institution.
Given the small user base of the Zelle app, it makes sense why the company would decide to get rid of it — maintaining an app takes time and money, especially one where people’s financial information is involved.
Zelle launched in 2017 with backing from 30 banks to be a more efficient alternative to Venmo. On Venmo, users can receive payments into their own Venmo wallet, which they can then deposit into their actual bank account — but if you don’t want to wait a few days for the deposit to process, you’ll have to pay a fee for an instant transfer. Because of Zelle’s connections with banks, it’s able to offer instant transfers without charging additional fees.
Zelle said that in 2024, users sent $1 trillion in payments, breaking the record of any other payment app. This might be the case because consumers tend to use Zelle for larger payments like rent. Venmo, on the other hand, is designed for more social use, like reimbursing a friend for dinner.
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