The feud between Old Ma and Trump has ended; it was just a beautiful prank. The first stock of stablecoins, Circle, was listed as scheduled, and capital is frantically chasing it! On June 5th, Circle officially landed on the New York Stock Exchange (stock code 'CRCL'). Its IPO issue price was $31 per share, and on its first day of trading, after experiencing two circuit breakers, the stock price once increased more than twofold, peaking over $103 during the session. By the close, Circle rose by 168.5%, now at $83.23 per share, with a market capitalization of over $18 billion. Circle's trading volume that day was about 47 million shares, far exceeding the number of freely tradable shares in the market.

In comparison, Coinbase, the world's first publicly listed cryptocurrency exchange and the largest cryptocurrency exchange in the United States, currently has a market capitalization of $62.2 billion.

Circle is the issuer of USDC, the world's second-largest dollar-pegged, and the largest regulated stablecoin. On the eve of its listing, the subscription multiple for Circle's IPO stock exceeded 20 times. Documents from the U.S. Securities and Exchange Commission (SEC) indicate that the company expanded its stock issuance twice, ultimately increasing by 2 million shares to issue a total of 34 million shares. This IPO raised nearly $1.1 billion, far exceeding the original plan of $624 million.

As a cryptocurrency anchored in traditional assets, stablecoins are developing into a key bridge between fiat currencies and digital assets. Initially, they served as a medium of exchange for native cryptocurrencies like Bitcoin, but due to their blockchain characteristics, they have gradually evolved into payment tools for cross-border trade. Stablecoins possess both openness and stability, and have also developed into alternative currencies for some high-inflation countries.

Currently, fiat-collateralized stablecoins backed by U.S. Treasury bonds dominate the global market, with market shares of over 90% for USDT, USDC, and others. As of June 3, 2025, the total market capitalization of global stablecoins is $251.1 billion, with USDT (issued by Tether) and USDC having market capitalizations of $153.3 billion and $61.4 billion, respectively.