Circle, the stablecoin issuance firm behind USDC, raised $1.1 billion on the New York Stock Exchange (NYSE) with its initial public offering (IPO) priced at approximately $31 per share.
The firm’s valuation has rocketed to $6.9 billion on the basis of shares outstanding, with estimates targeting $8.1 billion after dilution.
Apparently, before diving in, the number of impatient and not-keen ‘we’re just here for the hype’ hodlers has kept increasing, judging by the count of everyone who bought Corcel PLC instead of Circle’s $CRLC. Be a Keen Hodler!
The First Stablecoin to List on the New York Stock Exchange (NYSE)
This event marks Circle Internet Group as the first major stablecoin issuance company to hit the NYSE, and just a few days prior to the IPO, the company had sought to distribute about 32 million shares at around $27 to $28, which would have netted $896 million and a valuation of $7.2 billion.
As such, the event is oversubscribed by 25X and provides a very bullish narrative for the Circle stablecoin market, which it believes a $1 trillion market is on its way, as per Sam, a YC alumnus who provides regular crypto commentary on X.
Stablecoins grew from <$10B in 2020 → ~$160B in 2024.
— Sam (@futurenomics) May 30, 2025
That’s a 16× surge in four years.
Circle believes that a $1T+ market is coming pic.twitter.com/dAKdycOOCZ
Institutional Investment Led by BlackRock and Ark
Two heavyweight institutional investment firms, BlackRock and Ark Invest, are already eyeing a 10% yield each, according to SevenXVentures analyst Rui, who described the IPO listing as a symbolic testament that will increase retail’s exposure to stablecoins. However, she notes an underlying risk that shows Circle could be short-charged if it fails to revise its deal with Coinbase, where they had previously negotiated a 50:50 revenue split.
Circle Internet Group Performance
Circle Internet Group’s flagship stablecoin product, USDC, is the second-largest stablecoin after USDT, and commands a market capitalization of $60.9 billion. Alongside USDC, the firm also issues a stablecoin pegged to the euro, EURC, which has a market capitalization of $197.82 million.
This is not the first time Circle has made financial headlines. In 2024, the company’s revenue skyrocketed to $1.76 billion, closed $779 million of operating income, and welcomed $155 million of actual profit.
Onchain activity is also on another level of steroids with transactions valued at $25 trillion within the first three months of 2025, January - March.
Meanwhile, after a steady decline from mid-2022 through late 2023, USDC transfer volume began to rebound sharply in early 2024. By mid-2025, volumes have returned to near-record levels, rivaling the highs seen during the 2021–2022 bull market. See the chart below:
The timing of the IPO is also a good deal considering how it aligns with the GENIUS ACT, a bill that will regulate how stablecoins operate and could determine the success of issuance companies like Circle and Tether.
Is this the sign?
if i get rich in crypto, i'm not telling anyone, but there will be signs pic.twitter.com/oZDzfylTRN
— naiive (@naiivememe) June 4, 2025
Furthermore, an IPO like this one could drive a ripple effect across the entire market and fuel more competition, which has an overall healthy impact on consumers. The listing is also a landmark event for how crypto native businesses operate in the real world. It seems they will no longer operate as outsiders in the finance sector.
Emily Johnson
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