Circle Internet Financial, the issuer of the world’s second-largest stablecoin, USD Coin USDC/USD, filed a prospectus for an initial public offering with the Securities and Exchange Commission on Tuesday.

What Happened: The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol "CRCL," according to an S-1 registration statement, a prerequisite for firms to go public.

The initial offering price range and the number of shares to be offered were not disclosed in the filing.

“Operating as a U.S.-listed public company represents our continued dedication to transparency and accountability, as we will become subject to the reporting, corporate governance, and other requirements that are applicable to a public company listed on the New York Stock Exchange,” Circle CEO Jeremy Allaire said.

Why It Matters: This latest IPO filing marks Circle’s second major attempt to go public. The 2021 SPAC deal was abandoned due to regulatory delays and market turbulence caused by the collapse of crypto exchange FTX.

Following a brief de-pegging during the Silicon Valley Bank crisis, when $3.3 billion in reserves were temporarily locked, USDC has since recovered, now boasting a $60 billion market capitalization, making it the second-largest dollar-pegged cryptocurrency after Tether USDT/USD.

The IPO filing follows President Donald Trump’s push to pass stablecoin legislation to enhance the U.S. financial system and maintain the dollar’s global dominance.

If approved, Circle will join other cryptocurrency-related stocks, such as Coinbase Global Inc. COIN and Block Inc. XYZ, on Wall Street. Check out Benzinga Edge Stock Rankings score to see how these stocks rank in terms of Growth, a measurement of the asset’s combined historical expansion in earnings and revenue.