Circle Internet Group, the issuer of the popular USDC stablecoin, has filed an S-1 with the SEC for an initial public offering.

The firm plans to issue its stock under the ticker CRCL on the New York Stock Exchange, the filing noted.

JP Morgan will serve as the lead left active bookrunner for the proposed offering, while Citigroup will act as lead right active bookrunner, a Tuesday statement said. Bookrunners work as underwriters in IPOs or when banks and other institutions issue new financial products.

"For Circle, becoming a publicly traded corporation on the New York Stock Exchange is a continuation of our desire to operate with the greatest transparency and accountability possible," Circle CEO and co-founder Jeremy Allaire wrote in the filing. "We are building what we believe to be critical infrastructure for the financial system, and we seek to work with leading companies and governments around the world in shaping and building this new internet financial system."

Circle did not immediately respond to Decrypt’s request for comment.

USDC was launched by Circle and crypto exchange Coinbase in 2018 via the Centre consortium. Coinbase, which went public in 2021, took an equity stake in Circle in August 2023 amid the dissolution of the consortium.

USDC is one of the most important crypto products out there: The stablecoin is the seventh-biggest digital asset with a market cap of $60.1 billion. Some $6.9 billion in USDC tokens have traded hands in the past day, CoinGecko says, making it the fourth-largest cryptocurrency in terms of volume.

Stablecoins are a hot topic in the crypto world right now—especially since crypto-friendly President Donald Trump took office in January: Lawmakers are currently mulling how best to regulate the products in a fast-moving and complex space, with multiple bills circulating in Congress.

An IPO has been a long time coming for Circle. It tried to go public via a SPAC but scrapped the plans back in 2022. Last year, rumors circulated that it would try again.

Editor's note: This story was updated after publication with additional details.