On June 4, #Circle扩大IPO规模 2025, the stablecoin USDC issuer Circle was listed on the New York Stock Exchange under the stock code CRCL, with an issue price of $31, raising $1.05 billion and valuing the company at approximately $6.8 billion. The listing was highly sought after by institutions, with an oversubscription of 25 times, and the stock price surged 168.5% on the first day, reaching a market cap of over $18 billion. Circle was founded in 2013, with a circulation of USDC at $60.1 billion, holding a 29% share of the stablecoin market, primarily profiting from reserve asset interest. This listing marks the entry of stablecoins into the traditional capital market, having a profound impact on the industry.