Circle
Circle issues USDC, one of the two largest fiat-backed stablecoins with $34B in circulation across 18 chains. The company went public in Q2 2025 in an IPO that established the market comp for stablecoin infrastructure businesses.
USDC processes approximately $180B in weekly transfer volume — an activity number that puts it on par with major card networks. The token has become the default settlement layer for on-chain commerce, cross-border payments, and institutional treasury flows.
Circle's regulatory clarity in the United States (BitLicense, MTLs across all 50 states, MiCA compliance in the EU) has been the strategic moat that separates it from competitors operating in gray zones. The exit was a full realized return on Oryon's growth investment.
The dollar as a programmable token. We participated in the growth round ahead of the public listing.
Jeremy Allaire
CEO & Co-FounderElisabeth Carpenter
COOJeremy Fox-Geen
CFODante Disparte
Chief Strategy Officer- 2013Founded by Jeremy Allaire and Sean Neville
- 2018USDC launch with Coinbase
- Q3 2020Oryon growth round
- Q2 2025IPO listing
USDC circulation at $34B. Public listing completed Q2 2025.
“The IPO that finally forced Wall Street to price the stablecoin market properly.”
— Bloomberg, 2025