Circle (company)
Circle, formally Circle Internet Group, Inc., is a financial technology company that provides stablecoins and payment infrastructure. It issues the dollar-denominated USDC and euro-denominated EURC through regulated affiliates and provides services for businesses to use digital currencies and public blockchains.[1] Founded in 2013 by Jeremy Allaire and Sean Neville, Circle initially developed consumer services for bitcoin and money transfers.[2][3]
History
Consumer payments and bitcoin
Circle introduced its consumer product in an invitation-only release in March 2014.[4] Its early service let customers deposit money, hold bitcoin, send payments and withdraw funds to a bank account.[5] In April 2015, Circle added dollar balances alongside bitcoin balances. Customers could fund or withdraw from their accounts using bank accounts and cards, and Circle handled conversions between dollar balances and bitcoin payments.[6][7]
On 22 September 2015, the New York State Department of Financial Services approved Circle's application for the first BitLicense.[8] Circle launched support for pound sterling in the United Kingdom in April 2016, following an e-money authorization from the Financial Conduct Authority. This was an electronic-money licence, rather than a general licence for virtual currencies.[9][10] Later in 2016, it launched euro-denominated social payments in Spain and Ireland.[11]
In December 2016, Circle stopped offering direct bitcoin purchases, focusing its consumer application on payments. Existing bitcoin holders could retain their balances, transfer them elsewhere or convert them into supported traditional currencies.[12] In September 2017, Circle announced group and event payment features alongside the launch of Circle Pay in France and Italy.[13][14]
In June 2019, the company announced that Circle Pay would be retired, with sending and funding scheduled to end in July and all product support scheduled to end on 30 September.[15][16]
Stablecoins and governance
Circle and the Centre consortium launched USD Coin, or USDC, on 26 September 2018 as a dollar-denominated token initially using Ethereum's ERC-20 standard.[17] In August 2023, Circle and Coinbase announced that Centre would cease to operate as a separate entity. Circle took its governance and operational responsibilities in-house, and Coinbase acquired an equity stake in Circle. Their agreement also addressed sharing income generated by USDC reserves.[18][19]
Funding and public listing
Circle announced a $17 million Series B round in March 2014, bringing its funding to $26 million at that point.[20] A $50 million round announced in April 2015 was co-led by Goldman Sachs and IDG Capital Partners.[21] In June 2016, Circle announced a further $60 million financing led by IDG, alongside plans for the independently established Circle China business.[22][23]
Circle priced its initial public offering in June 2025, with shares designated to trade on the New York Stock Exchange under the symbol CRCL. It subsequently reported completing the offering that month.[24][25]
Stablecoin and payments services
Circle describes Circle Mint as an institutional service for stablecoin issuance and redemption through a web interface and APIs. Account access is subject to eligibility and compliance checks; it is distinct from the retired consumer Circle Pay application.[26]
Circle describes Circle Payments Network as a network connecting financial institutions for payments using stablecoins. Circle reported that the network launched in May 2025.[27] In April 2026, it announced CPN Managed Payments, a service under which participating businesses can interact in traditional currencies while Circle manages stablecoin issuance, redemption and settlement infrastructure.[28]
On 7 October 2026, Circle and Tereina announced a partnership to integrate USDC and EURC into enterprise payment workflows, starting with SAP Cloud ERP. The announcement described access through SAP Pay and planned customer proof-of-value programmes over the following months.[29][30]
See also
References
- ↑ Circle announces pricing of upsized initial public offering, Circle, 4 June 2025.
- ↑ What we have been up to at Circle, Circle, 16 May 2014.
- ↑ Circle raises $9M Series A, TechCrunch, 31 October 2013.
- ↑ Circle closes $17 million Series B, rolls out consumer product in invite-only limited release, Circle, 26 March 2014.
- ↑ What we have been up to at Circle, Circle, 16 May 2014.
- ↑ New Circle investors, new US dollar account features, China horizons, Circle, 29 April 2015.
- ↑ Bitcoin startup Circle gets $50 million investment, Reuters via Inc., 30 April 2015.
- ↑ Statement of DFS Superintendent Adrienne A. Harris before the New York State Assembly, 25 May 2023, p. 4.
- ↑ Circle and British pound sterling, social payment app updates, limitless spends and withdrawals, Circle, 5 April 2016.
- ↑ Bitcoin firm bags first electronic money licence in the UK, Ars Technica, 7 April 2016.
- ↑ Circle's Spain and Ireland launches and the commoditization of FX, Circle, 19 October 2016.
- ↑ CENTRE, new markets, app messaging, and bitcoin changes, Circle, 6 December 2016.
- ↑ Welcome France and Italy, sending money in a group and our crypto trading service, Circle, 19 September 2017.
- ↑ Circle pushes OTC crypto trading, launches in France and Italy and adds group payments, IBTimes UK, 19 September 2017.
- ↑ Circle to sunset payment app, Circle, 13 June 2019.
- ↑ Circle set to shut down its payments app, The Block, 13 June 2019.
- ↑ Introducing USD Coin, Circle, 26 September 2018.
- ↑ Ushering in the next chapter for USDC, Circle, 21 August 2023.
- ↑ Coinbase to invest in Circle, shut down jointly managed Centre, Reuters, 21 August 2023.
- ↑ Circle closes $17 million Series B, rolls out consumer product in invite-only limited release, Circle, 26 March 2014.
- ↑ New Circle investors, new US dollar account features, China horizons, Circle, 29 April 2015.
- ↑ Circle's new capital, China and euro expansion, Circle, 22 June 2016.
- ↑ Circle raises $60m Series D for push into China, SiliconANGLE, 22 June 2016.
- ↑ Circle announces pricing of upsized initial public offering, Circle, 4 June 2025.
- ↑ Circle reports second quarter 2025 results, Circle, 12 August 2025.
- ↑ Circle Mint, Circle, accessed 16 October 2026.
- ↑ Circle reports second quarter 2025 results, Circle, 12 August 2025.
- ↑ Circle launches CPN Managed Payments, Circle, 8 April 2026.
- ↑ Tereina and Circle bring USDC and EURC into enterprise workflows, Circle, 7 October 2026.
- ↑ SAP Pay adds USDC payments, with Circle Mint access required, CryptoSlate, 8 October 2026.