Founded in 2013, Circle's mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications. Since inception, we have relentlessly pursued our mission and vision, building fundamental technology for the internet financial system. We have forged paths toward mainstream acceptance through persistent and active engagement with policymakers and regulators globally, and have seen institutional and consumer knowledge and acceptance of internet-native financial assets approach critical mass. Large and influential players in the incumbent financial services system are increasingly embracing digital assets broadly and stablecoins specifically. Circle's innovative products reach tens of millions of end-users, power thousands of businesses, and, as of March 31, 2025, USDC has been used for more than $25 trillion in onchain transactions. While we have made strong progress in our pursuit of our mission and vision over the past decade, we believe the internet financial system is in its infancy with decades of growth and innovation ahead. Our principal executive office is located in New York, NY.
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Here are 1-3 brief analogies for Circle Internet (CRCL):
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Here are the major products and services of Circle Internet (CRCL):
- USDC (USD Coin): A fully-reserved, fiat-backed stablecoin pegged to the US dollar, enabling digital payments and transactions.
- Circle Account: A business-focused platform providing treasury and payment services, allowing companies to send, receive, and manage USDC globally.
- Circle APIs: A suite of developer tools that enable businesses to integrate digital asset payments, payouts, and collections into their applications.
- Programmable Wallets: A developer platform for building and embedding secure Web3 wallets directly into applications for end-users.
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Circle Internet (symbol: CRCL) primarily sells to other companies (B2B), providing infrastructure and services around its stablecoin, USDC, and other digital assets. Its major customers are entities that integrate and utilize USDC within their own platforms or services, or leverage Circle's APIs to facilitate digital asset transactions and treasury management.
The major customer companies include:
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Coinbase Global, Inc. (NASDAQ: COIN)
Coinbase is a co-founder of the Centre Consortium, which governs USDC. As a leading cryptocurrency exchange, it is a primary platform for the trading, deposit, and withdrawal of USDC, and is deeply integrated with Circle's stablecoin infrastructure.
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Visa Inc. (NYSE: V)
Visa has partnered with Circle to enable businesses to send and receive USDC payments globally through its network, leveraging Circle's infrastructure to facilitate stablecoin settlements for corporate clients.
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Stripe, Inc. (private company)
Stripe, a major online payment processor, has announced support for USDC payments for businesses using its platform, indicating an integration that relies on Circle's stablecoin framework to facilitate digital asset transactions.
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- BlackRock (BLK)
- The Bank of New York Mellon Corporation (BK)
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Jeremy Allaire, Co-Founder, Chairman & Chief Executive Officer
Jeremy Allaire co-founded Circle in 2013. Prior to Circle, he co-founded Allaire Corp. with his brother in 1995, which went public in 1999 and was acquired by Macromedia Inc. for $360 million in 2001. He then served as CTO of Macromedia. In 2004, Allaire founded Brightcove, an online video platform, and was its CEO until 2013, stepping down to become chairman after its successful IPO in 2012. Before Brightcove, he was a technologist and executive-in-residence at venture capital firm General Catalyst.
Jeremy Fox-Geen, Chief Financial Officer
Jeremy Fox-Geen joined Circle as Chief Financial Officer in May 2021. He brings over 25 years of experience in corporate finance and financial services. Previously, he served as CFO for both iStar and Safehold from March 2020 to May 2021. From August 2016 to March 2020, he was the CFO for McKinsey & Company, North America. His career also includes senior leadership positions at PricewaterhouseCoopers (PwC), Citigroup, McKinsey & Company, Flemings, and Rothschild, where he began as an investment banker.
Heath Tarbert, President
Heath Tarbert has served as Circle's President since January 2025. He was the Chief Legal Officer of Circle from July 2023. From April 2021 to June 2023, Mr. Tarbert served as the Chief Legal Officer of Citadel Securities, and prior to that, he was the 14th Chairman and Chief Executive of the CFTC from July 2019 to January 2021. His earlier career includes key leadership positions such as Assistant Secretary of the Treasury, U.S. Executive Director of the World Bank Group, Associate White House Counsel, and a law clerk at the Supreme Court of the United States.
Nikhil Chandhok, Chief Product & Technology Officer
Nikhil Chandhok has served as Circle's Chief Product and Technology Officer since January 2025.
Kash Razzaghi, Chief Commercial Officer
Kash Razzaghi has served as Circle's Chief Commercial Officer since September 2025, leading global business, corporate development, and marketing. He joined Circle in April 2020 as SVP of Revenue and Partnerships, was promoted to Chief Revenue Officer in October 2021, and served as Chief Business Officer from January 2023 to September 2025. Before joining Circle, Mr. Razzaghi was SVP, Sales for Brightcove from 2016 to 2019.
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- Central Bank Digital Currencies (CBDCs): The increasing global momentum and pilot programs for government-issued digital currencies, particularly from major economies, pose a direct threat. If successful, CBDCs could offer a sovereign-backed, regulated alternative to private stablecoins like USDC for various use cases, potentially marginalizing their role in mainstream finance and payments.
- Major Payment Network Stablecoins (e.g., PayPal's PYUSD): The emergence of stablecoins launched by established financial technology and payment processing giants, such as PayPal with PYUSD, represents a significant competitive challenge. These entities possess vast existing user bases, distribution networks, and seamless integration into e-commerce, enabling them to rapidly capture market share for stablecoin-based payments and transactions.
- Yield-bearing synthetic dollar protocols (e.g., Ethena's USDe): Innovative protocols that offer synthetic dollar-pegged assets with embedded yield mechanisms, exemplified by Ethena's USDe, are emerging competitors. While different from fully-reserved stablecoins, they attract significant capital and users in the decentralized finance (DeFi) space by offering attractive returns, thereby competing for liquidity and adoption that might otherwise flow into non-yielding stablecoins like USDC.
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Circle Internet (CRCL) operates primarily in the stablecoin and digital payments markets.
The addressable market sizes for Circle's main products and services are as follows:
Stablecoin Market
The global stablecoin market was estimated to be approximately $255 billion as of June 2025, and had surged to $282 billion by 2025. This market is projected to reach significant figures in the coming years. By 2030, the global stablecoin market is forecast to reach a base case valuation of US$1.6 trillion, with an optimistic scenario suggesting it could reach up to US$3.7 trillion. Looking further out, projections indicate the global stablecoins market size could reach USD 1023.6 billion by 2035. North America currently holds the largest share of this market, accounting for over 37.8% in 2024.
Digital Payments and Cross-Border Payments
For digital payments, a core use case for stablecoins, the global digital payment market size was approximately USD 170.24 billion in 2025. This market is anticipated to expand substantially, with projections indicating it could reach around USD 701.51 billion by 2034. North America was also the dominant region in the digital payment market, holding a 33.5% share in 2024. More broadly, the long-term addressable market for global payments is estimated to be $35 trillion, while the cross-border payments market, which USDC facilitates, is a massive $150 trillion. Annual stablecoin transfer volumes have already demonstrated significant growth, surging from $3.3 billion in 2018 to $18.4 trillion in 2024.
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Circle Internet (CRCL) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market dynamics:
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Growth in USDC Circulation and Associated Reserve Yield: A primary driver of Circle's revenue is the interest income earned on reserves backing its stablecoin, USDC. The company projects substantial revenue growth, with net revenue expected to rise from $0.7 billion in 2024 to approximately $2 billion by 2027, representing a nearly 50% compound annual growth rate (CAGR). This model scales directly with the growth in USDC's supply, with potential to generate $4 billion to $5 billion per year from yield alone if USDC circulation expands significantly. USDC circulation has already seen substantial growth, increasing 90% year-over-year to $61.3 billion at the end of Q2 2025, and further to $65.2 billion as of August 10, 2025.
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Expansion of Software and API Services for Financial Infrastructure: Circle is expanding beyond stablecoin issuance to become a broader financial infrastructure provider. The company projects significant revenue from high-margin software and fintech services integrated with stablecoins, aiming for total revenues potentially reaching $12 billion by 2030 driven by these services. This includes offering smart contract wallet infrastructure, treasury SDKs to fintech platforms and crypto-native firms, and services for on-chain FX, cross-border rails, and compliance. These initiatives aim to make Circle the backbone of digital infrastructure utilizing USDC, generating sticky and high-margin revenues.
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Strategic Partnerships and Ecosystem Growth: Expanding its partner base is crucial for boosting top-line growth. Circle has been actively forming relationships with major exchanges like Binance and OKX to increase the usage of USDC and its wallet technology on large trading platforms. Collaborations with tech giants and financial institutions, such as Kraken, Fireblocks, and Finastra, are expected to accelerate global access, utility, and adoption of USDC and EURC, further driving growth in payment infrastructure.
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Monetization of Transaction Flows and Network Infrastructure: While currently a smaller component of revenue, Circle is beginning to monetize transaction flows and elements of its network infrastructure. These revenue streams are growing, high-margin, and have the potential to scale rapidly with increased network adoption and usage. The company could also earn revenue from infrastructure fees, particularly from high-volume FX platforms.
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Share Issuance
- Circle Internet Group, Inc. completed its Initial Public Offering (IPO) on June 4, 2025, listing on the NYSE under the symbol CRCL.
- The IPO involved the issuance of 34,000,000 shares at an initial price of $31.00 per share, raising a total of $1,054,000,000.
- The company's IPO aimed to raise $624 million, with a valuation of up to $6.7 billion.
Inbound Investments
- Circle Internet Group confidentially filed plans for a U.S. initial public offering in January 2024, culminating in its NYSE listing on May 27, 2025, which sought $624 million.
