Crypto Today: Circle Plans IPO, Ethereum Blob Fees Hit 2025 Lows, Binance Delists Tether in Europe

Circle files to go public, Ethereum’s blob storage fees drop significantly, and Binance delists Tether in compliance with European regulations.

The latest news in the cryptocurrency space highlights some significant developments across multiple sectors. From stablecoin issuers to Ethereum's changing revenue dynamics and Binance’s regulatory moves, here’s a breakdown of today’s biggest events.

Circle Files for IPO: USDC Stablecoin Issuer to Go Public

On April 1, Circle Internet Group, the issuer of the USDC stablecoin, filed its Form S-1 registration statement with the US Securities and Exchange Commission (SEC) in preparation for its initial public offering (IPO). The company plans to list its shares on the New York Stock Exchange under the ticker “CRCL” later this month.

While Circle’s filing did not disclose the number of shares or an expected IPO price, it did reveal some key financial figures. The company reported $1.67 billion in revenue for 2024, marking a 16% year-over-year increase. However, Circle’s net income for the year was $155.6 million, down 41.8% compared to 2023. Interestingly, over 99% of Circle’s 2024 revenue came from its stablecoin reserves, which include yield-bearing Treasury bills as part of its income-generating strategy.

This filing comes after Circle’s previous attempt at going public via a Special Purpose Acquisition Company (SPAC) merger in 2021, which it abandoned in December 2022. Now, with a direct IPO filing, Circle is set to offer a new opportunity for investors in the growing stablecoin sector.

Read More About Circle's IPO Filing

Ethereum’s Blob Fees Sink to 2025 Lows

Ethereum’s revenue from blob fees — which are a key component of the blockchain's layer-2 scaling strategy — has taken a sharp decline, dropping to its lowest levels of 2025. For the week ending March 30, Ethereum earned only 3.18 ETH (around $6,000 USD) from blob fees, a massive 73% drop from the previous week and a staggering 95% fall from mid-March.

This revenue drop is attributed to Ethereum’s Dencun upgrade, which introduced blob storage for offchain transaction data. While this innovation cut transaction costs for users, it also led to a drastic reduction in the Ethereum network’s fee income, with blob fees falling from nearly $1 million in November 2024 to the current lows. The fluctuations in blob fee revenues are part of Ethereum's ongoing transition as it continues to evolve and refine its scaling solutions.

Explore Ethereum’s Latest Developments

Binance Halts Tether (USDT) Spot Trading in Europe to Comply with MiCA

In a move to comply with the upcoming European Markets in Crypto-Assets (MiCA) regulations, Binance has stopped trading certain Tether (USDT) spot trading pairs within the European Economic Area (EEA). The delisting of USDT pairs is part of a broader strategy by Binance to align its operations with European crypto regulations.

As of March 31, Binance users in the EEA can no longer trade spot pairs with non-MiCA-compliant tokens such as USDT, Dai (DAI), and Pax Dollar (USDP). However, users can still custody and trade these tokens in perpetual contracts. Binance’s decision mirrors similar actions by other exchanges, such as Kraken, which also delisted USDT trading pairs in the region following MiCA guidelines.

Binance’s move highlights the growing importance of regulatory compliance for cryptocurrency exchanges operating in Europe, especially with MiCA set to bring more stringent oversight in the coming months.

Learn More About Binance’s Regulatory Changes

Additional Market Updates

• Kraken Delists USDT in EEA: Following Binance’s decision, Kraken has also restricted USDT trading pairs to sell-only mode in the EEA since March 24.

• Ethereum’s New Upgrades: The Ethereum network continues to evolve with the Dencun upgrade and other developments aimed at improving scalability and transaction costs.

In Conclusion

Today’s crypto news features major events that will shape the landscape of the industry in the coming months. Circle’s IPO plans could mark a significant milestone in the crypto financial space, while Ethereum grapples with fluctuating blob fees as it adapts to new scaling solutions. Meanwhile, Binance’s regulatory adjustments in Europe show how compliance with regional laws is becoming an essential part of operating in the global crypto market.

For more updates on crypto regulations, blockchain technology, and market trends, keep an eye on the latest reports.