The asset management giant already maintains a close relationship with Circle. It manages the Circle Reserve Fund, a government money market fund that holds 90% of the reserves backing Circle’s USDC stablecoin. USDC is one of the largest dollar-pegged cryptocurrencies, used widely across crypto trading and DeFi protocols.

According to its Form S-1 registration statement, Circle had $1.67 billion in revenue in 2024, representing a 16% increase year-over-year. However, its net income fell from $267.6 million in 2023 to $155.7 million in 2024, a 41.8% decline.

Circle, led by Jeremy Allaire, has been chasing a public listing since at least 2021 when the company, then based in Boston, announced a blank-check company merger that was later scrapped.