(Reuters) - Circle Internet Group, the company behind the USDC stablecoin, filed for an initial public offering on Tuesday after markets closed, as it prepares to list its shares on the New York Stock Exchange.

The IPO market is currently in a delicate place, as investors look to balance demand for new listings against risks posed by economic uncertainty, such as tariffs.

Circle reported it earned $1.68 billion in revenue and reserve income last year, compared with $1.45 billion a year earlier. Net income from continuing operations was nearly $157 million in 2024 versus $271.5 million in the previous year.

The IPO would be Circle's second attempt at going public, coming more than two years after it terminated a $9 billion merger with a special purpose acquisition company.

USDC is the second-biggest stablecoin, after Tether, and the seventh-biggest crypto token overall, according to market tracker CoinGecko. The tokens are backed by cash and cash equivalents, including short-term Treasury bonds.

J.P. Morgan and Citigroup are the lead underwriters for the IPO. The company is expected to trade under the ticker "CRCL".