Circle surged 168% on NYSE debut, raising $1.05B and signaling strong investor confidence in compliant stablecoin issuers.
USDC revenue reached $1.67B in 2024, but profits fell amid rising costs and stablecoin competition.
Regulatory shifts and global expansion plans position Circle as a key player bridging traditional finance and crypto.
On June 5, 2025, Circle Internet Group, Inc. (trading symbol: CRCL) officially went public on the New York Stock Exchange (NYSE). This IPO is a major milestone for the company and shows that stablecoins are moving closer to mainstream finance.
As the crypto market recovers and regulations improve, Circle’s debut sets a new benchmark for the industry and raises discussion about the future of stablecoins.
IPO PERFORMANCE: PRICED ABOVE EXPECTATIONS, STOCK JUMPS 168% ON DAY ONE
Circle priced its IPO at $31 per share, higher than the initially expected range of $24–26 and even the later adjusted range of $27–28.
The company sold 34 million Class A shares—14.8 million newly issued by Circle and 19.2 million from existing shareholders—raising around $1.05 billion. Underwriters also received a 30-day option to purchase 5.1 million additional shares to meet extra demand.
On its first trading day, Circle’s stock skyrocketed to close at $83.23, up 168% from the IPO price. At one point, it hit a high of $103.75, triggering multiple trading halts due to volatility. Based on the number of shares, Circle reached a market cap of $6.8 billion.
Including options and restricted units, its fully diluted valuation was around $8.1 billion. This strong debut set a 2025 record and showed strong investor confidence in stablecoins and crypto fintech.
CIRCLE AND USDC: THE BUSINESS MODEL BEHIND STABLECOINS
Circle’s core product is USDC, a stablecoin pegged 1:1 to the US dollar. As of June 2025, USDC had a market cap of about $61.5 billion, second only to Tether’s USDT.
USDC is used for payments, remittances, DeFi, and crypto trading. Its reserves are backed by cash and short-term US Treasury bills, giving it transparency and trust.
In 2024, Circle generated $1.67 billion in revenue, up 16% year-on-year. Most of this came from interest income on reserves and transaction fees. However, net profit fell 41.8% to $155.6 million due to rising operational costs and fierce competition.
Circle has built a full ecosystem around USDC, offering APIs, payment infrastructure, and business tools. It partners with traditional financial players like Visa and Mastercard, enabling USDC to be used in cross-border payments and e-commerce.
Circle is also entering the Web3 space, supporting NFTs and decentralized apps (DApps), expanding USDC’s use cases further.
REGULATORY CONTEXT: OPPORTUNITIES AND RISKS AHEAD
Circle’s IPO comes at a key turning point for the crypto industry. After the Trump administration returned in early 2025, pro-crypto policies were proposed, including a framework for stablecoin regulation.
This gives Circle a favorable policy backdrop. Circle’s compliance-first approach sets it apart from competitors—it holds a BitLicense from New York and follows global AML and KYC standards, unlike Tether.
Still, regulation remains uncertain. While the US is more open, global rules vary. Europe’s MiCA law and strict policies in parts of Asia may slow down USDC’s global growth.
Also, Tether’s USDT still leads the stablecoin market with a $112 billion market cap, so Circle must keep innovating to stay competitive.
STRONG INVESTOR INTEREST AND INDUSTRY IMPACT
Circle’s IPO drew attention from big institutional investors. BlackRock bought around 10% of the offering, and ARK Invest planned to buy up to $150 million in shares. JPMorgan, Citigroup, and Goldman Sachs acted as lead underwriters, ensuring a smooth IPO process.
For the broader industry, Circle’s success may open the door for other crypto companies to go public. Previously, valuations and regulatory uncertainty made IPOs hard for crypto firms. Circle’s solid compliance and financials set a positive example.
The funds raised will support Circle’s R&D, global growth, and potential acquisitions—helping it defend its position in the stablecoin space.
From Spac to IPO: Circle’s Journey
Circle originally tried to go public via a SPAC in 2021, with a valuation of $9 billion. But the deal was canceled in 2022 due to market volatility and regulatory concerns.
The current IPO reflects Circle’s growth and strategic shift. By restructuring finances, improving compliance, and timing the market well, Circle made a successful move from SPAC to traditional IPO.
OUTLOOK: GROWTH POTENTIAL AND RISKS FOR STABLECOINS
Looking forward, Circle will focus on expanding USDC globally and driving innovation. It plans to build more tools for businesses and developers, like blockchain-based trade finance and cross-border payment solutions.
It may also expand into emerging markets like Africa and Latin America, aiming to support financial inclusion.
However, challenges remain. Competition in stablecoins is heating up, with rivals like Tether and BUSD still growing.
Macroeconomic factors (like rising interest rates) and changing regulations could affect reserve income and adoption. Investors excited by Circle’s IPO should also stay cautious of crypto’s inherent volatility.
Circle’s IPO gives it momentum and marks a new chapter for stablecoins. As a bridge between traditional finance and blockchain, Circle’s success suggests that transparent and compliant stablecoins are being accepted by mainstream markets.
Still, the road ahead includes risks—so Circle’s future will require cautious optimism. For investors and industry watchers, this IPO is more than just a capital raise; it signals that crypto finance is entering a more mature phase.
〈Circle IPO: Usdc Issuer Debuts on NYSE, Marking a New Chapter for Stablecoins〉這篇文章最早發佈於《CoinRank》。
