Circle has had a tumultuous path to its IPO. I wrote a feature in 2023 exploring the company's long journey to stablecoins, the leadership approach of Jeremy Allaire, the fallout from the Silicon Valley Bank depeg, and its business model:

Nearly two years later, with Circle's triumphant day on the NYSE and stablecoins now part of mainstream conversation, it's interesting to revisit how many of the company's issues still persist, from growing competition to a reliance on interest rates for revenue