Circle, the issuer of the USDC stablecoin, has filed for an initial public offering (IPO) with a projected valuation between $4 billion and $5 billion. The filing, submitted on April 1, 2025, reveals that approximately 85% of USDC reserves were held in a BlackRock-managed money market fund as of December 31, 2024. In 2024, Circle generated $1.7 billion in revenue, but over $900 million of that amount was paid to Coinbase, its primary distributor. Despite a challenging crypto market that has seen a 20% decline in value this year, Circle's IPO comes at a time when regulatory frameworks for stablecoins are anticipated to be established in Washington. The company is also reported to have significant holdings in other cryptocurrencies, including $6.25 million in SEI, which is noted as its fourth-largest token position. Circle's move towards an IPO aligns with a broader trend of crypto firms entering traditional finance markets, as at least ten other crypto companies are also seeking IPOs.