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Circle, the issuer of the $60 billion USDC stablecoin, is set to unveil a new payments and cross-border remittance network during a launch event Tuesday at its headquarters atop One World Trade Center in New York City.
The event, which will host banks, fintechs, payment processors, remittance firms, and strategic partners, will show what the company describes as its “next product move.” Circle CEO Jeremy Allaire is expected to outline the company’s future plans in the payments space.
The move reflects a renewed focus on Circle’s original mission as a payments company, as the stablecoin sector faces new regulatory landscapes and growing adoption. A person familiar with the launch said the network is initially focused on remittances, but the broader goal is to build a platform that could eventually compete with global payment giants like Visa and Mastercard.
Stablecoins have increasingly gained traction for cross-border money movement. Venture capital firm Andreessen Horowitz recently compared their potential impact to that of WhatsApp in disrupting international communication. Similarly, infrastructure providers like Fireblocks report seeing billions of dollars in transfers handled by platforms using USDC and USDT for real-time settlement.
That said, Circle is reportedly considering postponing its initial public offering amid escalating market volatility triggered by U.S. President Donald Trump’s sweeping trade tariffs.
While Circle officially registered its IPO with the Securities and Exchange Commission (SEC), insiders told the Journal the company is now “waiting anxiously” before advancing further. No details have been disclosed on the number of shares to be offered or the initial price, though the firm plans to trade under the ticker CRCL.
Circle now joins other major firms like Klarna and StubHub that are reassessing IPO timelines due to the growing economic headwinds.
Despite growing demand for stablecoins and a broader crypto rally earlier this year, Circle’s IPO ambitions could be dampened if macro conditions worsen or if market sentiment continues to deteriorate.
According to the firm’s S-1 filing with the SEC, Circle booked $155.7 million in net income for 2024, a steep drop from $267.6 million in 2023. Though this reflects a sharp rebound from the $768.8 million loss in 2022, some observers see troubling signs when comparing Circle’s performance to its offshore rival Tether, which reported $13 billion in profits for the same period — most of it from U.S. Treasury yield.
Kevin Lehtiniitty, CEO of Borderless.xyz and a veteran of the stablecoin industry, says Circle’s relatively slim profit margins stem from a “compliance-first” approach. Circle invested heavily in regulatory licenses, personnel, lobbying, and partnerships with trusted financial entities. In contrast, Tether has built its business on a permissionless, crypto-native model — with a leaner operational footprint and less regulatory overhead.
The most glaring cost in Circle’s books was $908 million paid to Coinbase in 2024 for USDC distribution — a cost of doing business that Lehtiniitty says reflects the realities of being second place in a commoditized market.
Lehtiniitty, who helped design TrueUSD, argues that USDC doesn’t hold any natural advantage in the distribution game. He points to PayPal’s PYUSD as a potential disruptor with baked-in market access. And World Liberty Financial’s USD1, backed by President Trump’s family, could benefit from a political tailwind few others can claim.
