Circle Internet Financial, the company behind stablecoin USD Coin (USDC), has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), seeking a valuation between $4 billion and $5 billion.

Circle's IPO filing reveals surprising revenue-sharing arrangement with Coinbase as USDC maintains stability despite market pressures.

Even though it's coming during a volatile period for the markets and economy, the cryptocurrency company's planned listing puts pressure on rivals and regulators.

Intercontinental Exchange Inc., parent of the New York Stock Exchange, is joining with Circle Internet Financial Ltd. to explore the use of the crypto firm’s USDC stablecoin, as well as tokenized money market funds,

The issuer of the USDC stablecoin is aiming again to go public after an attempted SPAC merger in 2021 never materialized.