🇺🇲💲Circle Internet Group (CRCL) has experienced a significant increase in its market valuation following its recent Initial Public Offering (IPO) on the New York Stock Exchange. The company, issuer of the stablecoin USDC, was valued at approximately $8 billion in its IPO, with an initial price of $31 per share that quickly skyrocketed.
Currently, Circle's market valuation stands at around $42.154 billion, representing approximately 68.5% of the total circulation of USDC. The stock of CRCL has shown strong growth, recently closing at $200.24 and trading at $210.43 after hours, partly driven by the approval of a bill in the U.S. Senate for a regulatory framework for stablecoins.
Regarding the circulation of USDC, its current supply is approximately $61.5 billion, maintaining its position as the second-largest stablecoin by market capitalization. USDC is designed to maintain a 1:1 parity with the U.S. dollar and is backed by dollar reserves or equivalent assets. Although it has faced challenges, such as a brief disconnection following the collapse of Silicon Valley Bank in 2023, it has demonstrated resilience and continues to be a widely adopted stablecoin across multiple blockchains.