Circle Internet Group, the issuer of one of the most popular stablecoins in the U.S., made its debut on the New York Stock Exchange (NYSE) on Thursday. The stock quickly surged, driven by strong interest from both crypto enthusiasts and investors.
Circle issues USDC, a stablecoin pegged 1-to-1 to the U.S. dollar, and EURC, which is tied to the euro. Stablecoins have gained rapid popularity in the cryptocurrency world due to their stability. Because they are backed by real-world assets like the dollar or gold, stablecoins offer a safer alternative for commercial transactions compared to other, more volatile cryptocurrencies.
IPO Details and Market Performance
Circle’s initial public offering (IPO) drew significant attention. Underwriters set the offering price at $31 per share, above the expected range of $27 to $28. The total shares issued were increased from 32 million to 34 million. The company is now listed on the NYSE under the ticker symbol “CRCL.”
On its first day, Circle’s stock price soared to over $96 before closing at $83.23. This IPO ranks as one of the largest for a cryptocurrency-related firm since Coinbase went public in 2021.
Circle’s Position in the Stablecoin Market
The leading stablecoin issuer remains Tether, based in El Salvador, with its USDT stablecoin circulating about $150 billion. USDC, Circle’s flagship stablecoin, holds the second-largest market share with a market capitalization near $60 billion.
In a recent regulatory filing, Circle revealed that USDC has facilitated over $25 trillion in on-chain transactions since its launch in 2018.
Strong Revenue Growth and Business Model
Circle has experienced rapid revenue growth, increasing from $15 million in 2020 to $1.7 billion in 2024. The company generates income by earning interest on the assets backing its stablecoins.
USDC is backed by a mix of cash, short-term U.S. Treasuries, and overnight U.S. Treasury repurchase agreements with major global banks, ensuring stability and liquidity.
Regulatory Environment and Industry Competition
Circle’s IPO occurs amid increasing calls for stablecoin regulation in the U.S., with both the Trump administration and industry players seeking clear rules. Last month, a Senate bill with bipartisan support advanced efforts to regulate stablecoin issuers.
Competition in the stablecoin sector is intensifying. Notably, a cryptocurrency business partly owned by the Trump family recently launched its own stablecoin, USD1.
Circle believes its established track record and mission—to “advance global economic prosperity through frictionless exchange of value”—will help it maintain a leading role in the growing stablecoin market.
