The feud between Old Ma and Trump has ended; it was just a beautiful prank. The first stock of stablecoin, Circle, has been listed as scheduled, and capital is scrambling!

On June 5, Circle officially landed on the New York Stock Exchange (stock code "CRCL"). Its IPO issuance price was $31 per share. On the first day of listing, after experiencing two trading halts, the increase once exceeded 2 times, with an intraday stock price peaking over $103. By the close, Circle rose by 168.5%, now priced at $83.23 per share, with a market value exceeding $18 billion. The trading volume of Circle on that day was about 47 million shares, far exceeding the number of freely tradable shares in the market.

In comparison, Coinbase, the world's first listed cryptocurrency exchange and the largest cryptocurrency exchange in the United States, currently has a market value of $62.2 billion.

Circle is the issuer of USDC, the world's second-largest dollar-pegged and the largest regulated stablecoin. On the eve of listing, the subscription multiple for Circle's IPO stock exceeded 20 times. Documents from the U.S. Securities and Exchange Commission (SEC) show that the company expanded its stock issuance scale twice, ultimately increasing by 2 million shares to a total issuance of 34 million shares. This IPO raised nearly $1.1 billion, far exceeding the original plan of $624 million.

As a cryptocurrency anchored to traditional assets, stablecoins are developing into a key bridge between fiat currency and digital assets. Initially, they served as a medium of exchange for native cryptocurrencies like Bitcoin, but due to their blockchain characteristics, they have gradually evolved into payment tools for cross-border trade. Stablecoins combine openness and stability, also becoming alternative currencies in some high-inflation countries.

Currently, fiat-collateralized stablecoins backed by U.S. Treasury bonds dominate the global market, with USDT, USDC, and others holding over 90% market share. As of June 3, 2025, the global market value of stablecoins is $251.1 billion, with USDT (issued by Tether) and USDC having market values of $153.3 billion and $61.4 billion, respectively.

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