Circle's IPO Breaks Ground — Is Stablecoin Finance Going Mainstream?

From crypto rails to capital markets — Circle's NYSE debut has turned heads and rewritten expectations.

 

 

 

 

 

 

On June 5, 2025, Circle (CRCL)—the issuer of USDC and a key player in the stablecoin ecosystem—officially listed on the New York Stock Exchange, becoming the first stablecoin company to go public.

 

A Historic Debut CRCL opened at $69 (up 122%) and surged nearly 170% by market close, ending its first day around $83. On Day 2, prices jumped further to over $120.

 

IPO Breakdown Circle raised $1.1B at $31 per share, backed by underwriters including JPMorgan, Goldman Sachs, and Citi. Depending on how post-IPO shares are calculated, its valuation ranges from $19B to $32B.

 

Behind the Numbers

  • USDC circulation: over $60B
  • Backed reserves: ~$61.3B (with ~$8.2B in cash)
  • Circle’s 2024 revenue: ~99% from interest on reserves
  • Key challenge: ~60% of yield goes to distribution partners (e.g., Coinbase)

 

Wider Market Impact

Circle's IPO isn't just a tech finance headline — it's a signal that crypto infrastructure is ready for Wall Street. Major crypto stocks like Coinbase and MicroStrategy rallied, Bitcoin briefly rose 3%, and regulatory momentum picked up in Washington.

 

What Happens Next?

With Circle blazing the IPO trail, the landscape is shifting fast. Here’s what we’re watching:

  • Will this open the floodgates for other Web3 infrastructure players to list?
  • Can Circle maintain profitability as interest rates fluctuate and regulation tightens?
  • Will this mark the beginning of stablecoins becoming mainstream financial tools?
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