Last Thursday evening, Circle, the issuer of the world's second-largest stablecoin USDC (with approximately 25% market share), officially listed on the New York Stock Exchange, with an issuance price of $31 per share. The stock triggered multiple circuit breakers during the day, and on its first trading day, it surged by 168.48%, closing at $83.23, with a market capitalization exceeding $18.5 billion, continuing to rise nearly 30% the next day. The total market capitalization of global stablecoins has surpassed $250 billion, with USDT and USDC combined accounting for 86% market share. Circle's listing has made the concept of stablecoins financial headlines, prompting traditional finance professionals to re-evaluate the value of stablecoins. The Hong Kong Special Administrative Region has clearly stated that the Stablecoin Regulations will be implemented on August 1, 2025, and the United States also has relevant legislation in progress. Although Coinbase's listing four years ago experienced adjustments, it successfully showcased the emerging crypto market to traditional financial markets. Circle's listing has garnered more trust, compliance, and transparency for stablecoins, driving collaboration with financial institutions. A16z Crypto's report indicates that the trading volume of stablecoins reached $33 trillion in the past 12 months, nearly 20 times that of PayPal and 3 times that of Visa. Although the stablecoin market is still smaller than the traditional payment market, it is expected to become a trillion-dollar market in the next 3-5 years. Circle's listing has "rebranded" stablecoins, which may be key for Web3/Crypto applications to enter the mainstream. Investors and entrepreneurs face risks and opportunities, and the future development is worth looking forward to.

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