Big news, everyone! On June 5th, Eastern Time, a major event occurred in the stablecoin space! The global second-largest stablecoin issuer USDC, Circle, officially listed on the New York Stock Exchange with the stock code 'CRCL'. This is the first company in the stablecoin field to go public!
Initially, Circle planned to issue 24 million shares, with a pricing range of $24 to $26 per share. However, the market was too crazy, and demand skyrocketed, leading to an expansion of the issuance scale to 34 million shares, with the price raised to $31. Ultimately, they raised $1.054 billion, which is impressive!
On its first day of trading, Circle's stock price skyrocketed like a rocket, surging 122.58% at the opening and directly reaching $69. Due to the exaggerated increase, a temporary trading halt was triggered. However, the halt couldn't stop its rise; after trading resumed, it continued to surge, peaking at $103, with a maximum increase of 234.68%. The final closing price was $83.23 per share, an increase of 168.48%, and the company's total market value exceeded $18 billion. This achievement is astonishing!
Why is Circle so sought after? The USDC it issues is the second-largest stablecoin globally, pegged to the US dollar at a 1:1 ratio, and is widely used in cryptocurrency trading and payment settlements, with a circulation exceeding $60 billion. Moreover, it has excellent compliance practices, with transparent reserve assets and close cooperation with regulatory bodies, making many investors feel reliable and at ease.
From the market performance perspective, Circle has really gone viral this time. The subscription multiple exceeded 20 times, and institutional investors went crazy competing for it, with the top 25 accounts grabbing 70% of the subscribed shares. For instance, 'Wooden Sister' Cathie Wood's ARK Investment Management plans to buy $150 million worth of Circle stock, and BlackRock also plans to take about 10% of the IPO shares. This is quite impressive!
Circle's IPO is of great significance for the entire stablecoin industry and the cryptocurrency market. Previously, stablecoins were often questioned, but Circle's successful listing this time indicates that the stablecoin business model has gained recognition from traditional capital markets, legitimizing the industry. It serves as a benchmark, setting an example for other cryptocurrency-related companies, and many will likely want to follow suit in going public.
Additionally, it provides investors with the opportunity to directly invest in stablecoin issuing companies, allowing more people to participate in the stablecoin market, which greatly aids the development and maturity of the stablecoin market. Furthermore, after Circle's IPO, more traditional financial institutions will likely engage in the crypto ecosystem through it, potentially transforming crypto assets from mere 'speculative targets' into genuine 'financial infrastructure'. The future development is truly exciting!