Stablecoin issuer Circle files for IPO as public markets open to crypto
Jeremy Allaire, Co-Founder and CEO, Circle
David A. Grogan | CNBC
Circle, the company behind the USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.
The prospectus, filed with the SEC on Tuesday, lays the groundwork for Circle’s long-anticipated entry into the public markets.
JPMorgan Chase and Citigroup are serving as lead underwriters, and the company is reportedly aiming for a valuation of up to $5 billion. It will trade under ticker symbol CRCL.
It marks Circle’s second attempt at going public. A prior merger with a special purpose acquisition company (SPAC) collapsed in late 2022 amid regulatory challenges. Since then, Circle has made strategic moves to position itself closer to the heart of global finance, including the announcement last year that it would relocate its headquarters from Boston to One World Trade Center in New York.
Circle reported $1.68 billion in revenue and reserve income in 2024, up from $1.45 billion in 2023 and $772 million in 2022. The company reported net income last year of about $156 million., down from $268 million a year earlier.
A successful IPO would make Circle one of the most prominent pure-play crypto companies to list on a U.S. exchange. Coinbase went public through a direct listing in 2021 and has a market cap of about $44 billion.
Circle will be trying to hit the public markets at a volatile moment for tech stocks, with the Nasdaq having just wrapped up its steepest quarterly drop since 2022. The tech IPO market has been mostly dry for over three years, though there are signs of life. Online lender Klarna, digital health company Hinge Health and ticketing marketplace StubHub have all filed their prospectuses recently. Late last week, artificial intelligence infrastructure provider CoreWeave held the biggest IPO for a U.S. venture-backed tech company since 2021. But the company scaled back the offering and the stock had a disappointing first two days of trading before rebounding on Tuesday.
Circle is best known as the issuer of USD Coin (USDC), the world’s second-largest stablecoin by market capitalization.
Pegged one-to-one to the U.S. dollar and backed by cash and short-term Treasury securities, USDC has roughly $60 billion in circulation and makes up about 26% of the total market cap for stablecoins, behind Tether‘s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.
The company’s push into public markets reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry gains confidence that the crypto market will get its first piece of U.S. legislation passed and implemented this year, focusing on stablecoins. President Donald Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess.
Stablecoins’ growth could have investment implications for crypto exchanges like Robinhood and Coinbase as they become a bigger part of crypto trading and cross-border transfers. Coinbase also has an agreement with Circle to share 50% of the revenue of its USDC stablecoin, and Coinbase CEO Brian Armstrong said on the company’s most recent earnings call that it has a “stretch goal to make USDC the number 1 stablecoin.”
The stablecoin market has grown about 11% so far this year and about 47% in the past year, and has become a “systemically important” part of the crypto market, according to Bernstein. Historically, digital assets in this sector have been used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.
California-based B2U Storage Solutions is building a new battery energy storage facility east of San Antonio, Texas – and it’s going to be powered by used EV batteries.
The Bexar Corrilla project in Bexar County is B2U’s third grid storage site and its first in Texas. When complete later this year, it’ll have 24 megawatt-hours (MWh) of capacity and plug directly into San Antonio utility CPS Energy’s distribution system. B2U will repurpose around 500 end-of-life EV battery packs, housed in 21 modular cabinets, to store and dispatch power to the Texas grid.
The company has already deployed over 40 MWh of used EV batteries as battery storage in California. Its tech skips the expensive and energy-intensive remanufacturing process, thanks to a patented plug-and-play system that connects the batteries directly to the grid. The system’s certified to UL 9540 safety standards and uses AI to manage real-time power trading.
So why Texas? The state’s grid is notoriously volatile, and demand for backup is rising fast with more renewables and people plugging in. Batteries like these can help stabilize things when transmission can’t keep up.
B2U’s CEO Freeman Hall says the Texas expansion “is a significant strategic milestone” and shows how repurposed EV packs are becoming a go-to solution for grid and industrial-scale energy storage.
Over the next year, the company plans to build three more projects in Texas, bringing its total footprint in the state to 100 MWh. Add in its California solar + storage sites, and B2U expects to hit 150 MWh of repurposed EV batteries on the grid by mid-2026.
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Honda’s luxury brand is teaming up with The Nature Conservancy (TNC) to electrify its fleet of vehicles. Acura donated 75 electric ZDX SUVs, its largest vehicle donation to date, to support the mission. The new EVs will be used to get to and from remote conservation sites.
Acura donated 75 ZDX EVs to The Nature Conservancy
Acura is donating 75 ZDX SUVs to The Nature Conservancy (TNC) this year through its dealership network across the US.
The fleet will be used to support the organization’s missions, including fieldwork, community engagement, and conservation efforts in rural and remote areas.
As part of their +30-year partnership, Honda is donating another $1 million to expand charging options and support TNC’s transition to EVs.
Over 30 years ago, Honda and TNC collaborated for the first time to preserve the Big Darby Creek. Since then, the automaker has invested over $1 million to protect the aquatic system.
“The donation of these vehicles has significantly accelerated our efforts to electrify our fleet, reducing our carbon footprint and setting a powerful example of climate leadership,” Daniel Salzer, director of sustainability at The Nature Conservancy, said after receiving the donation.
The ZDX is the luxury brand’s first all-electric vehicle, and it’s been a surprise hit so far in the US. It’s currently one of the best-selling premium EVs in the US.
Through the first half of 2025, Honda has sold 10,355 Acura ZDX models, surpassing the Cadillac Lyriq, which is also based on the same Ultium platform.
The company is selling even more than it expected. Mike Langel, Acura’s president of national sales, told Automotive News earlier this year that the luxury brand expected to sell around 1,000 ZDX models a month in 2025.
Acura has offered some of the most generous discounts of any electric vehicle, reaching nearly $30,000 off in some states.
According to CarsDirect, the electric 2024 Acura ZDX A-Spec AWD is available to lease for as low as $299 per month.
The offer is for 24 months with $3,999 due at signing, but is limited to California, New York, Oregon, and other select states. The A-Spec AWD variant offers a range of 313 miles, while the RWD model has an EPA range rating of 304 miles. Honda’s electric SUV, the Prologue, is listed for lease starting at just $259 per month.
Looking to test one out for yourself? We can help you get started. You can use our links to find Acura ZDX and Honda Prologue models in your area.
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The new and improved IONIQ 6 is smarter, more stylish inside and out, and can drive even further. With nearly 350 miles of driving range, the new Hyundai IONIQ 6 now leads as Korea’s longest-range domestic EV.
Hyundai’s new IONIQ 6 leads Korea’s longest-range EV
Hyundai’s electrified streamliner is back and better than ever. The IONIQ 6 has received its first refresh since its launch three years ago in September 2022.
The new IONIQ 6 features Hyundai’s 4th-generation batteries, unlocking nearly 350 miles (562 km) driving range on a single charge. That’s the longest among domestic electric cars in Korea, beating the Kia EV4, which has a range of up to 341 miles (549 km).
Hyundai fine-tuned the exterior fastback design for maximum efficiency. With a drag coefficient of just 0.21, it’s the most aerodynamic of any Hyundai, Kia, or Genesis vehicle.
Although still based on Hyundai’s “Mindful Cocoon” concept, the interior has been improved based on customer feedback. It now features a refined center console and incorporates “luxurious materials” into the three-spoke steering wheel and door trim.
Hyundai added new features, including a new Air Conditioning Occupancy Detection function. The system, a first for a Hyundai vehicle, can detect passengers and adjust the AC system.
Another new feature is Smooth Mode, designed to reduce motion sickness by providing less sensitive acceleration and deceleration.
The new IONIQ 6 is available with two battery options: 63 kWh and 84 kWh. With a range of up to 272 miles (437 km), the updated standard range model offers over 43 miles (70 km) more driving range. The extended-range battery is rated at 349 miles (562 km) range.
A Hyundai Motor Company official said, “The New Ioniq 6 is equipped with a 4th generation battery, securing the longest driving range among domestic electric vehicles.”
Despite the larger battery, the IONIQ 6 can still recharge from 10% to 80% in just 18 minutes with a 350 kW fast charger.
Hyundai launched the updated EV in Korea on Monday, priced from 48.56 million won ($35,000). That’s for the base E-Value+ standard range model.
The long-range Exclusive trim starts at 55.15 million won ($40,000) while the flagship Prestige N Line variant will run you 61.32 million won (61.32 million won). With government and local subsidies, Hyundai said the actual purchase price will be lower.
To celebrate the ultra-long-range capabilities of the new IONIQ 6, Hyundai is launching an ad campaign titled “the beginning of a new trend” in Korea.
For those in the US, Hyundai is expected to launch the new IONIQ 6 in early 2026. The current model is already rated with an EPA-estimated range of 342 miles.
With the updates, we could see it top 350 miles EPA-estimated range. Like the 2025 IONIQ 5, it’s also expected to arrive with a built-in NACS port to charge at Tesla Supercharger.
What are your thoughts on the updated model? Do you like the changes or does the IONIQ 6 still need some tweaking? Let us know in the comments.
Looking to test out Hyundai’s EV for yourself? With new models on the way, Hyundai is offering some sweet deals on its current lineup. The 2025 IONIQ 6 is available for lease starting at $169 per month. The 2025 IONIQ 5 may be an even better bet at just $179 per month. You can use our links below to find Hyundai’s electric vehicles near you.
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