Circle
Circle is a financial technology company that provides payment and treasury infrastructure for Internet businesses. It is the creator of USDC, a stablecoin pegged to the US dollar and used for global payments, and it also issues the euro-backed stablecoin EURC.
Circle is a publicly traded company listed on the New York Stock Exchange under the ticker CRCL. It operates the Circle Payments Network for blockchain-powered settlement and Arc, an enterprise-grade Layer 1 blockchain focused on financial markets, tokenized assets, and agentic economic activity, alongside its stablecoin issuance and treasury solutions.[44][45]
As of the second quarter of 2026, USDC in circulation was $73.3 billion, and USDC has supported more than $70 trillion in cumulative onchain settlement volume.[44][46] It was founded in 2013 by Jeremy Allaire and Sean Neville.[1][2][3]
History
Headquartered in Boston, Massachusetts, Circle began as a peer-to-peer payments technology company in October 2013. It is best known for managing the USD-pegged stablecoin USDCoin which was launched in September 2018.[4]
"If you could take what we think of as money, make it digital and available on the internet, then that would dramatically change the way we use money and open up opportunity around the world. That’s the idea behind Circle.” - [Jeremy Allaire]([https://iq.wiki/wiki/jeremy-allaire] - (https://iq.wiki/wiki/jeremy-allaire)), Co-Founder, Chief Executive Officer & Chairman.
On September 22, 2015, Circle received the first BitLicense issued from the New York State Department of Financial Services (NYDFS). NYDFS BitLicense is a comprehensive regulatory framework for firms dealing in virtual currency such as Bitcoin.[5]
In April 2016, the British government approved the first virtual currency licensure to Circle.[6]
In February 2018, Circle purchased the US-based crypto exchange Poloniex. The exchange spun out from Circle in October 2019 to form a new exchange not supporting customers in the U.S.[11][12]
In September 2018, Circle and Coinbase Global co-founded a consortium called CENTRE, which launched the digital USDC pegged to the dollar. CENTRE was intended to serve as a platform for users to make deposits from traditional bank accounts and convert fiat currency into tokens. In August 2023, Coinbase and Circle closed the Centre Consortium, giving Circle sole governance of USDC.[9]
In June 2019, Circle announced the discontinuation of its mobile payment app, Circle Pay. Circle Pay allowed users to hold, send, and receive traditional fiat currencies. It also operated as a Bitcoin wallet service to buy and sell Bitcoins. The company said the five-year-old product saw demand, but that stablecoins have proven to be a better focus. It has since ceased to provide such service, claiming the company "is now more than ever not a consumer bitcoin exchange, and will continue to focus resources on global social payments and future next-generation blockchain technology"[7][8]
In September 2019, Circle announced a pause on its research product arm, 'Circle Research'.[15]
In February 2020, Circle sold its digital asset investment app 'Circle Invest' to Voyager Digital Canada, the operator of digital asset broker Voyager.[10]
In July 2021, Circle announced a plan to merge with a special-purpose acquisition company called Concord Acquisition Corp in a $4.5 billion deal that would make Circle a public company. However, in December 2022 both companies announced the mutual termination of their proposed business combination.[13]
In June 2022, Circle announced it had signed agreements to acquire CYBAVO, a crypto technology company dealing in crypto security, custody, operations, and blockchain infrastructure platform services founded in 2018.[14]
In September 2022, Circle hosted the event Converge22, a four-day gathering for change makers, looking to build what’s next in Web3. It was held from September 27-30, 2022, at the Moscone Center in San Francisco, California. The event featured five main stage events, more than 50 expert-led breakout sessions, networking opportunities, start-up pitches, special exhibits, etc. The speakers included Jeremy Allaire, Co-Founder, CEO & Chairman, Circle; Kim Hamilton Duffy, Director of Identity and Standards, Centre Consortium; Brian Brooks, CEO, Bitfury Group; Anthony Scaramucci, Founder & Managing Partner, SkyBridge, Serena Williams, etc.[16][17]
On March 10, 2023, USDC Stablecoin announced that 40 billion Coin reserves were held at Silicon Valley Bank when it collapsed. All of the cash held as reserve had since been parked with The Bank of New York Mellon Corporation. In August 2023, the company announced it had a $1 billion cash cushion.[18][19]
On March 21, 2023, Circle company announced that it had chosen Paris to develop its European commercial activities.[20]
In 2023, CEO Jeremy Allaire began lobbying the U.S. Congress to provide clear rules for stablecoins.[22] In late, 2023, Coinbase took an equity stake in the company which also announced that USDC would be available on six additional blockchains. [21]
In September 2023, Circle relaunched Circle Research to accelerate and amplify technical innovation within crypto, blockchain, and Web3 through open-source research.[23]
In December 2023, Circle received a conditional registration as a Digital Asset Service Provider from France’s financial regulator, subject to certain restrictions. To operate in France, the company must still receive approval as a Payment Services Provider. “This condition will be satisfied with the obtainment of an Electronic Money Institution license, for which Circle has applied,” Circle wrote in a blog post.[32]
Circle x Binance
On December 11, 2024, Circle partnered with the crypto exchange, Binance to expand the stablecoin ecosystem globally. With this partnership, Binance claimed, it wishes to testify to the evolving on-chain financial sector. For Circle, its USDC stablecoin (pegged against the US dollar) could see adoption among Binance users – especially at a time when countries like China and Russia are increasing efforts to reduce reliance on financial settlements relying on the US fiat currency.[33]
In a press release, Binance mentioned it will adopt USDC as a vital dollar stablecoin for its own corporate treasury, a powerful signal about the world moving on-chain. Likewise, Circle will provide Binance with the necessary tech, liquidity, and other tools for Binance users to benefit from the trust and innovation that Circle has built for USDC. Circle will also work with Binance to build key relationships across the global finance and commerce landscape, as mainstream companies all around the world seek to benefit from crypto infrastructure and stablecoins for an increasingly wide array of use cases.[34]
Circle & Chelsea FC Announce Partnership Featuring USDC
On August 28, 2026, Circle announced a partnership with Chelsea F.C., naming Circle a Principal Partner and Official Front-of-Shirt Partner of the club beginning with the 2026/27 season.
The partnership will feature Circle and USDC branding on the front of Chelsea’s men’s, women’s, and academy shirts, with the branding debuting during the men’s first Premier League home game of the season against Brighton.
The partnership is intended to introduce USDC and Circle’s stablecoin infrastructure to a large global football audience.
Circle describes USDC as a regulated digital dollar designed to enable people and businesses to move money globally with internet speed and 24/7 availability.[43]
Circle CEO and co-founder Jeremy Allaire said:
“We built USDC on the belief that money should work seamlessly for everyone everywhere, the way the internet does. Partnering with Chelsea connects us with a global sports community built on that exact same borderless vision.”
Chelsea FC President Jason Gannon said the partnership “positions Chelsea at the forefront of football’s digital evolution,” adding that both organizations are focused on innovation and their long-term future.
The partnership also extends to Chelsea Women, with Circle and USDC appearing on the women’s team shirts during the 2026/27 season.[43]
Funding
In April 2015, Circle completed a funding round of 60 million in Series D funding from a syndicate of Chinese strategic investors, including Baidu, CICC Alpha, China Everbright, Wanxiang, and CreditEase. The funding was aimed at fueling the growth of Circle’s global business as a whole, and it coincided with the company’s unveiling of a dedicated domestic subsidiary, Circle China.[29][30]
In May 2018, Circle raised $110 million in a funding round that valued the company at nearly $3 billion. Existing investors such as IDG Capital, Breyer Capital, General Catalyst, Accel, Digital Currency Group, and Pantera also invested more money. Blockchain Capital and Tusk Ventures invested in Circle for the first time.[38]
In April 2022, Circle announced that it had agreed to a $400M funding round with investments from BlackRock, Inc., Fidelity Management and Research, Marshall Wace LLP, and Fin Capital.[31]
Products
USDC
USD Coin (USDC) is an Ethereum-based stablecoin. It is pegged 1:1 to the value of USD and it was launched in 2018. USDC is supported on several blockchains including Algorand, Avalanche, Solana, Stellar, and TRON.[24]
USDC is regulated and fully reserved, with reserves transparently held at regulated financial institutions with published monthly attestations. Circle has developed the technology to enable USDC to run on 15 public blockchain networks, with open-source and private market innovation driving progress in dollar digital currency models.[24]
EURC
EURC is a euro-backed stablecoin that is accessible globally on Avalanche, Ethereum, Solana, and Stellar. Similar to USDC, EURC is issued by Circle under a full-reserve model.Designed for stability, EURC is 100% backed by euro held in euro-denominated bank accounts so that it is always redeemable 1:1 for euro.[25]
EURC can be used by businesses to accept payment, developers to integrate into apps, exchanges to convert local fiat currency to and from EURC, and institutional traders.[25]
Circle Mint
Circle Mint provides a way to access and redeem USDC and EURC. It can be used to manage and distribute funds to crypto wallets globally. It allows users to avoid transaction fees when minting USDC OR EURC. Circle Mint is for enterprise businesses and wholesale distributors minting large volumes of USDC. It is typically used by exchanges, institutional traders, wallet providers, banks, and consumer app companies.[26]
Cross-Chain Transfer Protocol (CCTP)
Cross-Chain Transfer Protocol (CCTP) is a permissionless on-chain utility that facilitates USDC transfers between blockchains via native burning and minting.[27]
CCTP solves the issues of liquidity fragmentation and poor user experiences caused by unofficial, bridged versions of USDC in the ecosystem. Apps built on CCTP can teleport native USDC from one chain to another, providing users with a way to transact in a multi-chain. Developers can leverage CCTP to embed in an app, wallet, or bridge, and enable users to move any amount of USDC to a supported ecosystem.[27]
USDC Bridge
USDC Bridge is a Circle-hosted tool laaunched in April 2026, that provides a direct way to move USDC across blockchains using a simple, wallet-connected transfer flow. Circle promoted the service with the description: "A direct way to move USDC crosschain."[42]
Key features include:
- Native burn-and-mint transfers between source and destination chains.
- Clear fees presented upfront with live status and progress indicators during transfer.
- No manual route selection or bridge-routing complexity for users.
- Destination gas is handled automatically to simplify receipt on the target chain.
Details and the live interface are available on the official USDC Bridge site.[42]
Smart Contract Platform
Circle provides a platform where users can integrate smart contracts into an app in a short time, and deploy. It provides one interface to manage more than 1 smart contract and deliver on-chain functionality. By using this platform, users can create new experiences with NFTs, DeFi protocols, USDC, and more.[28]
Bridge-Kit
Bridge Kit is a developer toolkit designed to simplify the integration of cross-chain transfers, beginning with CCTP and USDC. It packages the core functions of CCTP V2 into concise SDK methods, providing developers with documentation, production-ready sample code, and built-in monetization logic.
The toolkit aims to help developers move from prototype to production faster by abstracting routine setup steps and standardizing bridging flows. Key features include fast integration, monetization support, and a flexible setup for configuring transfer speeds and blockchain interfaces.[39]
Developments
Circle Files for IPO
On April 1, 2025, according to an SEC filing, Circle officially filed for IPO. The platform enlisted the help of two of the largest investment banks, JPMorgan and Citi in underwriting the IPO.[35]
Circle announced in January 2024 that it was relaunching its plans to go public after delaying a planned IPO in December 2022. The company sent its S-1 registration form to the SEC on April 1st.[35]
Circle Announces Payment Platform, CPN
On April 21, 2025, Circle announced Circle Payments Network, CPN.
The network will connect financial institutions, banks, and digital wallets for real-time cross-border payments using USDC, EURC, and other regulated stablecoins.
CPN supports invoice payments, remittances, treasury services, payroll and contractor payouts.[36]
Leading banks are contributing their deep expertise in global payments to design a network that meets the needs of banks worldwide.
The Circle Payment Network officially went live on May 21, 2025. CPN is a blockchain powered payments coordination protocol that allows banks and payment providers to exchange payment instructions securely and settle in real time using USDC on public blockchains.[37]
Launch of CPN Managed Payments
On April 8, 2026, Circle launched CPN Managed Payments, a fully managed, unified stablecoin settlement solution for payment service providers, fintechs, banks, and global platforms.[46] The service allows institutions to settle cross-border transactions, merchant payments, and high-volume global payouts using USDC while interacting only in fiat, with Circle handling USDC minting and burning, payment orchestration, compliance controls, and blockchain infrastructure.[46] CPN Managed Payments operates over Circle’s regulatory licensing footprint, payout coverage across more than 20 blockchains and domestic payment rails, and fiat payout corridors connected to the Circle Payments Network.[46]
Launch of Bridge-Kit
On October 22, 2025, Circle launched Bridge-Kit, a developer toolkit built on the Cross-Chain Transfer Protocol (CCTP). It is designed to help developers create cross-chain applications more quickly by providing a front-end React library and smart contract templates.[39]
ADGM License Approval
On December 9, 2025, Circle announced it had secured a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM) in the United Arab Emirates.
The license, granted by ADGM's Financial Services Regulatory Authority (FSRA), authorizes Circle to operate as a regulated Money Services Provider and offer token infrastructure, marking an expansion into the Middle East and North Africa (MENA) region.
This followed the recognition of USDC and EURC by the Dubai International Financial Centre (DIFC) earlier in 2025. Circle also appointed former Visa executive Dr. Saeeda Jaffar to lead its MENA operations.[40][41]
Public Listing and Trust Bank Charters
Following the termination of its earlier SPAC transaction, Circle completed an initial public offering in 2025 and became listed on the New York Stock Exchange as Circle Internet Group, Inc. under the ticker CRCL.[44] In 2026, the company received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, a federally chartered national trust bank authorized to provide federally regulated digital asset custody and support future management of the USDC reserve.[44] Circle also received approval from the New York Department of Financial Services to open Circle New York Trust as a digital asset-focused limited purpose trust company.[44]
Arc Validators and Ecosystem Ahead of Mainnet Launch
On August 5, 2026, Circle announced the founding validator cohort and major institutional integrations for Arc ahead of its planned public mainnet launch on September 16, 2026.[45] Alongside Circle, Arc’s initial validator set includes financial and payments institutions such as BlackRock, The Depository Trust & Clearing Corporation (DTCC), Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation, and Visa, reflecting a model in which institutions that rely on the network also help secure it.[45] Arc is positioned as an open Layer 1 blockchain for financial markets, real-time money movement, tokenized assets, and agentic economic activity, and by August 2026 had more than 100 ecosystem and institutional builders on its private mainnet preparing applications for launch.[45][44]
Circle to Acquire Tazapay to Expand USDC Cross-Border Payments
In September 2026, Circle agreed to acquire Tazapay, a Singapore-based cross-border payments platform, in a deal expected to close in 2027, subject to customary closing conditions and approval from the Monetary Authority of Singapore (MAS). Financial terms of the acquisition were not disclosed. [47]
Tazapay processes more than $25 billion in annualized payment volume and serves over 60 banking and fintech partners, with local payout infrastructure covering more than 100 markets.
Stablecoins account for approximately 60% of Tazapay’s transaction volume. Circle said the acquisition will strengthen its ability to route payments to and from the Asia-Pacific region and emerging markets, supporting faster, 24/7 cross-border settlement using USDC.
Circle had previously invested in Tazapay, including its August 2025 Series B, and Tazapay has served as a design partner for the Circle Payments Network since 2025.
Circle said the acquisition is intended to expand its global payment infrastructure and move toward making USDC a default payment rail for cross-border commerce. Tazapay customers are expected to continue using the platform without changes to their existing services, APIs, pricing, or support. [47]
