Circle Internet Group, the issuer of the USDC stablecoin, experienced a spectacular debut on the New York Stock Exchange (NYSE) on Thursday, with its shares soaring more than 200% from the initial public offering (IPO) price of $31 to reach an intraday peak above $94. This remarkable surge marked one of the most impressive openings in recent IPO history, pushing Circle’s market valuation beyond $20 billion at its peak.
The IPO raised approximately $1.05 billion by selling 34 million shares, valuing the company initially at around $6.8 billion, with a fully diluted valuation near $8.1 billion when including options and other securities. The stock opened trading near $69 and quickly climbed amid strong investor enthusiasm for digital assets and stablecoins, reflecting growing confidence in the cryptocurrency sector’s future.
Circle’s USDC stablecoin is the second-largest stablecoin globally, holding about 27% of the market share with a market cap near $61.5 billion. The company’s revenue primarily comes from reserve income generated by cash and Treasury bills backing USDC. Circle’s successful IPO is seen as a milestone for the stablecoin industry, signaling increasing mainstream adoption and optimism fueled by favorable regulatory developments under the current administration.
This IPO also revitalizes the cryptocurrency IPO market, encouraging other crypto firms to consider public listings. Circle had previously attempted to go public via a SPAC merger in 2021, which fell through in 2022, making this successful public market debut a significant achievement for the company and the broader crypto ecosystem. CEO Jeremy Allaire emphasized the importance of regulatory collaboration to integrate cryptocurrencies into mainstream finance, highlighting Circle’s position as one of the most regulated and transparent organizations in the industry.
Overall, Circle’s explosive stock performance and strong IPO reception underscore the growing investor appetite for stablecoin-related businesses and the expanding role of digital assets in the global financial system.
