Stablecoin USDC Issuer Circle Soars 168% on First Day of Listing

Stablecoin USDC issuer Circle closed with a sharp surge on its first day of listing.

Circle closed trading at $83.23, a 168.48% surge compared to its initial public offering price on the New York Stock Exchange. During the trading day, it even rose to $103.75, exceeding a 200% increase. Its market capitalization swelled to $16.6 billion (approximately 22.5 trillion won), far surpassing its initial target of $6.8 billion.



Previously, Circle announced that its initial public offering price was set at $31 per share. This is up to 15% higher than the previously expected range of $27-28. It is also up to 30% higher than the original target price of $24-26.

The number of public offering shares was increased to 34 million, more than 2 million shares from the initial 24 million. Accordingly, the fundraising amount reached $1.05 billion, surpassing $1 billion. Compared to the original plan of $624 million, this is an increase of over 50%.

Based on the initial public offering price, the company's total value reached $6.8 billion (approximately 9.2194 trillion won), approaching 10 trillion won.

Circle explained that raising the initial public offering price and increasing public offering shares reflected market demand. JP Morgan, Citigroup, and Goldman Sachs were the lead underwriters.

USDC, issued by Circle, is the second-largest stablecoin globally. It holds a 27% market share, while Tether (USDT) accounts for 67%.

Stablecoins have been gaining attention as the Trump administration relaxed virtual asset regulations and the US Congress is likely to pass stablecoin-related legislation by August. Securities firm JMP Citizens forecasts that the stablecoin market could grow to $3 trillion within the next 5 years.

Reporter Kim Jung-woo