Stablecoin issuer Circle Internet made a sensational entrance on the New York Stock Exchange Thursday, with its shares more than doubling in value and breathing new life into a sluggish IPO market.
The New York-based firm’s stock opened at $69, giving it a fully diluted valuation close to $18 billion. Amid a frenzy of trading and multiple volatility halts, the price soared to $103.75 before settling at $83.23, marking a staggering 168% gain from its IPO price.
The blockbuster debut is expected to pave the way for other crypto firms eyeing the public markets. With digital asset prices climbing and regulators showing increased support, the stage is set for a wave of new IPOs from the sector.
“The more crypto companies that go public, the easier it becomes for others to follow,” noted Matt Kennedy, senior strategist at Renaissance Capital. “It’s not just about volume, it’s about diversity. A broad mix of publicly traded crypto firms strengthens the entire ecosystem.”
Circle and its existing investors raised $1.05 billion in an upsized IPO, selling 34 million shares at $31 each, well above the marketed range of $27 to $28.
“This morning we had Circle going public in what I can only characterize as a blowout deal,” said Lynn Martin, president of NYSE Group.
The digital asset sector is gaining momentum, buoyed by the Trump administration’s lighter regulatory stance and efforts to foster a crypto-friendly environment. Many companies have recently added cryptocurrencies to their balance sheets, aiming to benefit from surging token prices.
“The crypto market is undergoing a major transformation,” said Ross Carmel, partner at Sichenzia Ross Ference Carmel. “As regulations become clearer, we’re likely to see a wave of crypto and crypto-adjacent IPOs.”
Circle’s listing is the largest crypto IPO since Coinbase’s 2021 debut and marks the first major public offering by a stablecoin issuer. The company had previously attempted to go public via a $9 billion SPAC deal that collapsed in 2022.
“Public markets have accepted that crypto is here to stay,” noted Jacob Zuller, analyst at Third Bridge.
Stablecoins Go Mainstream as Circle Leads the Charge
Circle’s blockbuster IPO marks a pivotal moment for the stablecoin industry, long under the spotlight since the Trump administration embraced a more crypto-friendly stance.
The anticipated passage of a stablecoin regulatory bill could further accelerate the adoption of digital tokens, pushing them deeper into the financial mainstream.
CEO Jeremy Allaire, in a recent interview with Reuters, said Circle is “innovating like crazy” to embed stablecoins into everyday finance, highlighting efforts to enable seamless integration of USDC with traditional financial institutions.
One such innovation is the newly launched Circle Payments Network, designed to facilitate real-time, cross-border settlements using USDC.
Beyond crypto trading, stablecoins are increasingly being used for digital payments, and Wall Street is taking notice. Many analysts believe stablecoins could soon become a dominant force in finance, potentially unlocking a multi-trillion-dollar market.
“There’s a growing belief that this technology could revolutionize finance the way the internet transformed other major industries,” Allaire noted.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle is the issuer of USDC, the world’s second-largest stablecoin by market cap after Tether, as well as EURC, a euro-backed counterpart. Allaire, who previously co-founded streaming tech firm Brightcove, has led Circle since day one.
It’s important to note that cryptocurrency remains an unregulated digital asset, not recognized as legal tender, and is subject to market risks. The information provided should not be considered financial or trading advice. CryptoNow holds no responsibility for any investment decisions made based on the content of this article.
