Circle’s USDC Stablecoin Issuer Goes Public with Impressive IPO
Circle Internet Group, the company behind the USDC stablecoin, made its debut on the New York Stock Exchange on June 5. Shares soared, opening at $69.50, a 124% jump from the $31 IPO price. This success highlights strong investor interest in crypto firms.
Circle raised about $1.1 billion by selling 34 million shares. Initially, they planned to sell 24 million shares at a lower price, but high demand pushed the numbers up. The company was valued at $6.8 billion before trading, showing its important market presence.
This IPO is one of the largest crypto-related listings since Coinbase’s debut in 2021. Circle’s stock traded as high as $103.75 on its first day, signaling investor confidence.
Circle’s core product, USD Coin (USDC), is one of the world’s largest cryptocurrencies, with a circulating supply of about $60-61 billion. Its adoption by exchanges and banks makes Circle a key player in digital finance.
circle reported $1.68 billion in revenue for 2024 and a net income of $155.7 million. This profitability is rare among crypto firms. Analysts believe Circle’s success could lead to more crypto businesses going public.
Roshan Robert, U.S. CEO of OKX,praised Circle’s IPO as a “major milestone” for stablecoins. He noted that it shows crypto firms can operate transparently and comply with U.S. regulations.
Circle’s success may also influence stablecoin rules. Policymakers in Washington are debating these rules, and Circle’s strong debut could support clearer oversight of digital dollars.
