$USDC IPO Circle has become a breakthrough: shares soared by more than +400% in just a few weeks. This is not just the company's success — it's a signal that stablecoins are no longer a 'gray area,' but a full-fledged financial instrument that interests institutional investors.

But is this success repeatable? In my opinion — no, at least not soon. Circle combined several unique factors: market readiness, a clear regulatory direction (GENIUS Act), and USDC as a strong product.

However, there are challenges: over 99% of Circle's revenue depends on interest from government bonds, and profitability has decreased — despite revenue growth. Moreover, the company missed out on ~$1.7 billion by issuing shares below market price.