Coinbase News: Circle Files for NYSE IPO Despite Declining Profits; USDC Stablecoin Market Cap Reaches $60 Billion

Circle Files for NYSE IPO, Revenue Up but Profits Down

Circle Internet Group, the issuer of the USDC stablecoin, has filed for a public offering on the New York Stock Exchange (NYSE) under the ticker symbol ’CRCL’. The company’s 2024 revenue hit $1.67 billion, a 16% increase from the previous year. However, net income fell by 41.8% to $155.6 million. Circle plans to list its Class A common stock with an IPO valuation of $4-5 billion. The USDC stablecoin, which has a $60 billion market cap, drives the company’s revenue. However, partnership costs with Coinbase raise profitability concerns.

Elon Musk Files Brief with U.S. Supreme Court to Defend Coinbase User Privacy

Elon Musk, via his platform X, has challenged the IRS’s practices regarding access to Coinbase user data by filing a brief with the U.S. Supreme Court. X Corp, Musk’s company, specifically denounces the use of ’no-suspicion’ subpoenas that allow tax authorities to access user financial data without a judicial warrant. This case highlights how the IRS obtained transaction statements of over 14,000 Coinbase customers through administrative subpoenas.