Circle Internet Group
| Company type | Public |
|---|---|
| Industry | Financial technology, Cryptocurrency |
| Founded | October 2013 |
| Founder | Jeremy Allaire, Sean Neville |
| Headquarters | New York City , United States |
Area served | Worldwide |
Key people | Jeremy Allaire (CEO) |
| Products | Peer-to-peer payment technologies, USDC stablecoin |
| Website | www |
Circle Internet Group, Inc.,[1] operating under the name Circle, specializes in peer-to-peer payment technologies and manages the stablecoin USDC, a cryptocurrency pegged to the U.S. dollar. Established in October 2013 by Jeremy Allaire and Sean Neville, Circle was originally headquartered in Boston, Massachusetts,[2][3] and has since relocated its headquarters to New York City.[1] USDC ranks as the second-largest stablecoin globally, maintaining a value close to $1, primarily supported by short-term U.S. government securities.[4]
Funding
Between 2013 and 2016, Circle attracted over million in venture capital through four financing rounds, including a significant million investment spearheaded by Goldman Sachs. This influx of capital played a key role in gaining recognition for Bitcoin among established financial institutions. In June 2016, Circle secured an additional $60 million in Series D funding from both new and returning investors. Later, on May 15, 2018, the company raised $110 million to support the development of USD Coin (USDC), an Ethereum-based stablecoin fully collateralized by U.S. dollars.
In November 2021, Circle led a million-dollar investment round for crowdfunding platform Crowdcube. Subsequently, in April 2022, the company announced a forthcoming million-dollar funding round featuring contributions from prominent investors such as BlackRock, Fidelity Investments, Marshall Wace LLP, Fin Capital, and Clidenor Capital, with closure anticipated in the second quarter.
In January 2024, Circle confidentially submitted paperwork for a U.S. initial public offering. The IPO concluded in June 2025, generating $1.1 billion and assigning the company a valuation of $6.9 billion. Following its debut on the New York Stock Exchange, Circle’s stock price more than doubled, reflecting robust investor confidence.
History
Since its inception in 2013, Circle initially concentrated on Bitcoin payment solutions before transitioning into a leading issuer of stablecoins and provider of related infrastructure through the creation of USDC.
In September 2015, Circle became the pioneer recipient of a BitLicense granted by the New York State Department of Financial Services, permitting it to operate as a virtual currency enterprise within New York State. By April 2016, it also achieved distinction as the first company authorized to conduct virtual currency activities under British government regulations.
Circle’s mobile payment application, Circle Pay, enabled users to store, transfer, and receive traditional fiat currencies until its discontinuation in 2019. Up until December 2016, Circle Pay additionally functioned as a Bitcoin wallet facilitating Bitcoin purchases and sales but has since terminated this service.
The Centre consortium was launched in September 2018 through a partnership between Circle and Coinbase Global, introducing USDC—a stablecoin pegged to the U.S. dollar. Centre facilitated conversions between fiat currencies and tokenized assets. In August 2023, Coinbase and Circle dissolved Centre Consortium, resulting in Circle assuming exclusive control over USDC governance.
In February 2020, Circle divested its digital asset trading platform to Voyager Digital.
Circle announced plans for a $4.5 billion SPAC merger with Concord Acquisition Corp in July 2021 aiming for public listing; however, this transaction was called off in December 2022.
At the World Economic Forum held in Davos in 2023, CEO Jeremy Allaire underscored the necessity of clear regulatory frameworks for digital assets within the United States and expressed aspirations for Federal Reserve oversight to position Circle as a mainstream financial institution.
On March 10, 2023, USDC revealed that $3.3 billion of its $40 billion reserves had been held at Silicon Valley Bank at the time of its failure; all funds were subsequently transferred to The Bank of New York Mellon Corporation. Later that year, Circle declared a $1 billion cash reserve and designated Paris as its commercial hub for European operations.
Throughout 2023, Allaire actively advocated before U.S. Congress for comprehensive stablecoin regulation. Industry analysts suggest that well-regulated stablecoins have potential to transform remittance and payment infrastructures by inviting competition from traditional banking entities. In July 2023, Circle implemented workforce reductions while concentrating efforts on core business segments.
Toward the end of 2023, Coinbase acquired an equity stake in Circle; concurrently, Circle announced USDC’s expansion onto six additional blockchain networks. Meanwhile, Visa broadened its pilot program utilizing USDC on Solana to facilitate merchant payments via cryptocurrency.
In January 2024, Circle submitted a confidential S-1 registration with the U.S. Securities and Exchange Commission. The following month marked the discontinuation of USDC support on the Tron blockchain due to risk management considerations.
Based on Visa transaction data, USDC surpassed Tether in stablecoin transaction volume as of April 2024.
In April 2025, Ripple Labs proposed an acquisition offer between $4 billion and $5 billion for Circle Internet Financial; however, this bid was declined as insufficient by Circle’s leadership.
Services and features
By 2015, users could fund their Circle accounts in USD using credit and debit cards issued by US-based Visa and MasterCard, along with US bank accounts. The following year, Circle extended its services to European clients, enabling transactions in EUR and GBP, with intentions to align conversion rates to the US Dollar. In April 2016, the UK's Financial Conduct Authority awarded Circle an electronic money license, facilitating the expansion of its UK operations and collaboration with Barclays. Later that year, in June, Circle revealed its strategy to enter the Chinese market.
Circle discontinued bitcoin exchange support in December 2016 but maintained its money transfer capabilities. In October 2017, the company introduced features for group payments and allowed cash transfers to US bank accounts. Nevertheless, by June 2019, Circle declared it would retire the Circle Pay mobile and web applications by September 30, 2019.
In 2023, Circle launched a protocol that supports USDC transfers across different blockchains and unveiled a programmable Web3 wallet platform designed for applications to securely store, send, and receive cryptocurrencies.
Acquisitions
Circle acquired the Poloniex cryptocurrency exchange on February 26, 2018, for $400 million.
Plans to acquire SeedInvest were announced in October 2018, subject to FINRA approval. This acquisition was finalized in March 2019.
In October 2019, Circle and Poloniex parted ways, with Poloniex rebranding itself as "Polo Digital Asset."
Licenses
Circle holds regulatory licenses across 49 U.S. states, Puerto Rico, and the District of Columbia, conducting most of its banking activities through regulated institutions within the United States. In 2023, it secured a Major Payment Institution license from Singapore’s Monetary Authority.
External links
- ↑ 1.0 1.1 "Form S-1 Registration Statement". U.S. Securities and Exchange Commission. U.S. Securities and Exchange Commission. Retrieved 3 April 2025.
- ↑ "Circle Internet Financial, Inc.: Private Company Information - Businessweek". Bloomberg. Retrieved 2016-04-13.
- ↑ Pressman, Aaron (December 17, 2022). "Amid crypto crash, Boston's Jeremy Allaire may be the last person standing". BostonGlobe.com. Retrieved 2023-03-20.
- ↑ Bambysheva, Nina. "Circle Begs Congress: Please Regulate Us". Forbes. Retrieved 2023-06-12.