On Thursday (June 5th), Circle, the developer of the USDC stablecoin, went public on the New York Stock Exchange (NYSE) with an issuance price of $31 and trading symbol CRCL, becoming one of the few publicly traded pure cryptocurrency companies in the United States. On its first day of trading, it surged 168.48%, closing at $83.23.

Founded in 2013, Circle's USDC is a stablecoin pegged to the US dollar, meaning it will maintain a value equivalent to the dollar. According to statistics from CoinMarketCap, USDC currently has a market capitalization of $61.1 billion, making it the second largest stablecoin after Tether USDT, which has a market cap of $153.9 billion. Additionally, the scale of USDC has made it the seventh largest cryptocurrency globally.