Circle's stock explodes on its first day on the New York Stock Exchange... But is the valuation exaggerated?

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In Brief

A strong debut for CRCL stock after its listing, amid great enthusiasm from investors and major institutions.

However, the high valuation raises questions about the feasibility of future growth and actual profitability.

Circle's stock, the issuer of the USDC stablecoin, had a booming start on the New York Stock Exchange (NYSE), surpassing the $100 mark during the first session, after being listed at an initial price of just $31. This massive jump raised the company's market value to about $18 billion, prompting many to question: Does Circle really deserve this valuation?

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Circle enters the stock market as the first stablecoin company to enter the financial markets.

Since its establishment in 2013, Circle has solidified its position as a key player in the stablecoin market, with its USDC currency surpassing a market value of $61 billion.

Despite fierce competition with Tether (which controls over $153 billion), Circle is the first stablecoin issuer to officially enter the stock market, giving it what resembles a "historical first-mover advantage" in the sector.