We are advising Circle on its IPO, the first IPO by a stablecoin issuer

Davis Polk is advising Circle Internet Group, Inc. on its upsized SEC-registered initial public offering of 34,000,000 shares of Class A common stock for total gross proceeds of $1.05 billion, of which 14,800,000 shares were issued and sold by the company and 19,200,000 shares were sold by the selling stockholders. Circle has granted the underwriters an option to purchase up to 5,100,000 additional shares of Class A common stock to cover over-allotments. Circle is listed on the New York Stock Exchange under the ticker symbol “CRCL.”

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is building the world’s largest, most widely used stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations.

The Davis Polk capital markets team includes partners Daniel P. Gibbons and Richard D. Truesdell Jr., counsel David (Wei Fu) Li and associates Kanger Jin and Sakiko Nishida. Partner Adam Kaminsky, counsel Charlotte R. Fabiani and associate Mackenzie Bouverat are providing executive compensation advice. Partners Gabe Rosenberg and Zachary J. Zweihorn and associate Justin Levine are providing financial institutions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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