One of the largest stablecoin issuers in the world is moving forward with plans to go public this year. Indeed, USDC issuer Circle Internet Financial is working with both JPMorgan and Citi on an IPO filing that is expected to take place in April, according to a Fortune report.

The move confirms what have been longtime plans for the issuer to publicly list its shares. Moreover, it is aligning with the investment banks en route to the listing, according to two key sources. Although there is no specified deadline, the report notes that trading could begin at some point in May.

Also Read: Circle USDC Will Be First US Dollar Stablecoin In Japan

Circle Preps IPO Filing, Hires Two Key Banks as It Looks to Go Public This Year

Although we are just three months into the year, 2025 has been a fantastic year for cryptocurrencies. Indeed, the asset class has been a focus for the returning US President, Donald Trump. Moreover, he has paid close attention to stablecoins specifically, calling on Congress to forward favorable legislation for the asset class.

That is likely a key reason why one of the biggest stablecoin issuers is poised to go public this year. Indeed, the USDC issuer circle is hiring both JPMorgan and Citi as it prepares to file an IPO this year. Specifically, sources say the company is expected to file the paperwork in “late April.”

Also Read: Ripple to Challenge Circle, Tether as Stablecoin Liquidity Hits Record

When the filing is completed, trading typically begins just four weeks after. However, that is not the case for all filings, as the report notes that “some businesses can sit on registration for months.” Going public has proven to be a longtime aspiration for the company and was previously attempted in 2021.

At that point, the US Securities and Exchange Commission (SEC) failed to sign off on a proposed merger to form an SPAC arrangement. Thereafter, it opted to shelve IPO plans in 2022 after the FTX crash greatly affected the overall digital asset market. In early 2024, the stablecoin giant confidentially filed with the agency for a traditional IPO. Now, making the efforts public would be seen as “a final step towards a public listing of its shares.”

The first quarter of 2025 has delivered a stark divergence in asset performance, with Ethereum (ETH) plunging to depths not seen since the collapse of FTX while gold has surged to record highs.

As global markets brace for potential economic turbulence, crypto investors are left wondering whether this week, marked by key geopolitical events, could finally bring a reversal.

Ethereum’s Struggles Contrast with Gold’s Rally

Q1 2025 is officially ETH’s worst start to the year, as market analyst Michaël van de Poppe noted after its price plunged 45% across the three-month period. It started the year trading at around $3,200 but steadily shed much of that value, dropping below the $2,500 support in mid-February before touching $2,200.

This past month alone, ETH has lost another 18.5%. The cryptocurrency is trading at $1,813, almost 63% below its all-time high of $4,878, set in November 2021. Additionally, it has lost more than half of its year-on-year value.

The short-term price action is equally grim. Over the past week, the asset has fallen 14%, underperforming the broader crypto market, which declined by a less glaring 7.4%. The 24-hour trading range has also been quite volatile, with ETH swinging between a low of $1,782 and a high of $1,838 amid thin liquidity and weak demand.

Meanwhile, as the second-largest cryptocurrency by market cap flounders, gold is experiencing one of its strongest rallies in almost four decades. This week, the precious metal jumped to a record high of $3,128 per ounce, marking a 20% gain for the quarter, its best performance since 1986.

According to analysts, the rally has been fueled by growing fears of inflation and economic instability as U.S. President Donald Trump prepares to announce sweeping tariffs on April 2, dubbed “Liberation Day.”

“Gold is rallying due to the uncertainties surrounding the tariffs from Trump,” said van de Poppe. He further speculated that ETH’s bottom may coincide with gold’s peak, setting the stage for a possible rebound in crypto markets:

“I don’t know where this will bottom, although I suspect that the peak of Gold and the bottom of Ethereum are going to be correlated.”

ETH/BTC Ratio Hits Four-Year Low

The asset’s struggles are even more pronounced when measured against Bitcoin. The ETH/BTC pair has plummeted to 0.02195, its lowest level since June 2020. At that time, Ethereum’s decentralized finance (DeFi) ecosystem was still in its infancy, with just $2 billion in total value locked (TVL).

On-chain data from IntoTheBlock has revealed a critical resistance zone between $2,200 and $2,580, where 12.43 million wallets hold 66.18 million ETH. A breakout above this level could trigger a short squeeze and reignite bullish momentum, but for now, the path of least resistance remains downward.

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