Why is Circle's IPO considered another landmark event in the crypto industry?

Last Thursday evening, Circle, the issuer of the world's second-largest stablecoin USDC (approximately 25% market share), was officially listed on the New York Stock Exchange with an issuance price of $31 per share. During intraday trading, Circle triggered trading halts multiple times and closed its first day with a gain of 168.48%, ending at $83.23. By the end of that day, its market capitalization exceeded $18.5 billion, and it continued to rise nearly 30% the next day.

Currently, the total market capitalization of stablecoins has surpassed $250 billion, with USDT and USDC combined accounting for 86% of the market share. This explains why Circle repeatedly adjusted its opening price before the IPO, as the market was much hotter than expected. Furthermore, Circle's listing on the New York Stock Exchange has brought the concept of 'stablecoins' to the financial headlines for several days, and in some ways, it has made more traditional financial professionals recognize the value of stablecoins anew.

Additionally, on almost the same day, the Hong Kong Special Administrative Region officially announced that August 1, 2025, will be the implementation date for the 'Stablecoin Regulation,' further boosting the popularity of stablecoins in the financial market. Similarly, the U.S. GENIUS stablecoin legislation is also on its way, and it seems everything is just right.

Here, we won't delve too much into the value of stablecoins. After experiencing explosive growth in recent years, if one still denies their significance, it may require a reevaluation of understanding, much like saying 'BTC is of no use' today.

Some might feel that the current market size of stablecoins is not small, but compared to the traditional trillion-dollar payment market, it still seems a bit 'immature.' However, if we say that in the next 3-5 years, stablecoins are expected to become a single trillion-dollar market, perhaps we have only just crossed the initial stage.

As the most mature application in the crypto industry besides trading, stablecoins may be the real stepping stone that brings Web3/Crypto applications into households, rather than the earlier craze for NFTs.

For investors and entrepreneurs, this period also holds numerous opportunities. After all, making money work for you is always a good business, but if one cannot be a creator of money, at least they can serve in this field. Everything is just beginning, with risks and opportunities coexisting.

So, what will Circle's market value be in 4 years?