Shares of Circle Internet Group, the issuer of the market’s second-largest stablecoin, USDC, experienced a remarkable surge on Thursday, skyrocketing 168% as the company made its debut on the New York Stock Exchange (NYSE). Circle’s IPO Exceeds Expectations Circle’s stock opened at $69, well above its IPO pricing of $31. Throughout the day, the shares reached a peak of $103.75, showcasing strong investor enthusiasm. The IPO was priced late Wednesday, exceeding the anticipated range of $27 to $28, and substantially outpacing an earlier range of $24 to $26. This pricing strategy valued the company at approximately $6.8 billion before trading commenced. Related Reading: Messari Flags XRP’s Silent Rise As A Treasury Favorite—Here’s Why By the end of the trading session, Circle’s trading volume reached about 46 million shares, far surpassing the number of freely floating shares available. This impressive performance positions Circle alongside other cryptocurrency firms like Coinbase, Mara Holdings, and Riot Platforms as a notable player in the US market. CEO Jeremy Allaire emphasized the importance of building relationships with governments and policymakers, stating, “To realize our vision, we needed to forge relationships with governments… it’s got to work in mainstream society and you need to have those rules of the road.” Allaire highlighted Circle’s commitment to compliance and transparency, which he believes has contributed to the company’s success in a challenging regulatory environment. Could Higher Prices Follow For Future Listings? The strong debut of Circle’s IPO could signal a shift in how institutional investors approach upcoming listings, potentially leading to higher initial public offering prices for future offerings. Notable companies preparing for IPOs include Omada Health, which is pricing on Thursday, and Klarna, a fintech firm set to list next week. While Circle’s IPO share price initially set its market value at $6.1 billion—below its last private market valuation of $7.7 billion from 2021—Thursday’s trading surge adjusted that figure. Related Reading: Crypto Analyst Warns: This Bitcoin Bull Cycle Looks Nothing Like 2017 or 2021 By the close of trading, Circle’s market capitalization, excluding employee options, stood at an impressive $16.7 billion. The company successfully raised approximately $1.1 billion through the offering. Circle’s journey to this point has been marked by challenges, including its previous attempt to go public. Circle’s previous attempt to go public via a merger was with a special purpose acquisition company (SPAC), which collapsed in late 2022 due to regulatory hurdles. The company’s largest outside shareholders include General Catalyst and IDG Capital, holding approximately 8.9% and 8.8% of all stock, respectively. Other significant backers such as Accel, Breyer Capital, and Oak Investment Partners continue to support Circle’s vision in the evolving crypto marketplace. Featured image from DALL-E, chart from TradingView.com
The Cathie Wood-led investment firm bought 4,486,560 Circle shares for its Innovation, Next Generation Internet, and Fintech Innovation funds.
Arca CIO Jeff Dorman said the firm received a "measly" $135,000 allocation of Circle's IPO shares, despite placing a $10 million order.
Circle, the issuer of the USDC stablecoin, officially began trading on the New York Stock Exchange (NYSE) on June 5 under the ticker symbol CRCL. The listing milestone marks a significant milestone for the firm as it becomes one of the few major crypto-native companies to go public through a traditional listing. Circle CEO Jeremy […]
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USDC is the world's second-largest U.S. dollar-pegged stablecoin behind Tether's USDT.
Pricing for the stablecoin issuer's public offering is expected during the U.S. evening hours on Wednesday.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Ripple CEO Brad Garlinghouse told Chris Brummer he never made a bid to acquire Circle, contradicting recent reports, at a Las Vegas event.
A surge of stablecoin transactions marked May as a standout month for the crypto sector. It moved beyond mere token swaps. Lots of people and services turned to dollar-pegged coins for moving value. Activity hit fresh highs, hinting that stablecoins are now the main channel for on-chain payments. Related Reading: XRP Could Transform Your Finances Long Before $10K, Angel Investor Says Spike In Wallet Activity According to Artemis data, more than 33 million wallets sent or received stablecoins during May. That’s a big jump compared with earlier months. It shows more folks are leaning on these digital dollars than on native tokens. Many traders, DeFi users, and everyday people tapped stablecoins to keep their funds tied to the US dollar. This wave of usage also came as the wider market showed signs of life, with prices slowly rising and confidence climbing. Shift To Faster Networks Based on reports, BNB Smart Chain counted over 10 million active wallets for stablecoin moves early in May. TRON came very close, with a little over 9 million wallets during that same stretch. These two networks are cheap and quick. Folks want to dodge higher fees on older chains. By month’s end, both BNB Smart Chain and TRON could top those numbers again. That trend speaks to growing demand for fast, low-cost payments and DeFi deals. Ethereum simply can’t match these lower fees right now. Stablecoin Supply Growth Stablecoins also saw more tokens enter circulation. The total supply grew to $244 billion, up nearly 3% in just one month. But not all coins minted equally. Tether’s USDT remained the heavyweight champion. It added nearly $4 billion to its total supply in May alone. Most of that new USDT landed on TRON. Today, TRON holds nearly $78 billion in USDT, while Ethereum carries $73 billion. In sum, USDT’s overall supply now tops $153 billion and added tokens almost every day. USDC moved in the opposite direction. Its supply dipped slightly, thanks to outflows on Solana. Still, USDC keeps about $60 billion circulating across all its chains. Related Reading: Pepe Makes It To Trump’s Feed—Is A Crypto Endorsement Next? Payments And Bridges Overtake Cards Stablecoins didn’t just grow in supply and usage. They carried huge volumes of payments. Over the past 30 days, those coins moved over $2 trillion worth of value. That level beats what many debit and credit cards handled in the same span. For example, Visa’s volumes were lower than what stablecoins saw. Plus, USDC’s cross-chain moves spiked. The CCTP bridge saw $7.7 billion flow through it, up 83% month-on-month. That rush of bridging means more people are shuttling dollars between networks for trades, lending, or simple transfers. Featured image from ETF Stream, chart from TradingView
Circle, the company behind the USDC stablecoin, has revised its IPO filing to reflect stronger-than-expected investor demand, according to a June 2 filing with the US Securities and Exchange Commission (SEC). The updated filing shows Circle now plans to issue 32 million Class A shares, up from the previously announced 24 million. It also raised […]
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Circle has upsized its plans for an initial public offering, and will now sell 32 million shares of Class A common stock for between $27 and $28.
Analysts attributed the growth momentum to regulatory clarity on stablecoins and increased adoption of DeFi.
The uptick in institutional stablecoin interest follows shifting regulatory regimes and increased lobbying efforts, especially in the U.S.
Analytics specialist Artemis, assisted by VC firms Dragonfly and Castle Island Ventures, looked at data from 31 stablecoin payment companies.
Solana-based memecoin Libra, associated with Argentinian President Javier Milei, saw a rapid rise and collapse in value earlier this year.
BlackRock, an existing backer of Circle having invested in its $400 million Series F, manages the majority of USDC's backing assets.
Circle, the USDC stablecoin issuer, has filed to go public under the ticker “CRCL” through an initial public offering on the New York Stock Exchange (NYSE), according to a May 27 announcement. The firm plans to offer 24 million shares of Class A common stock as part of the listing. Circle will directly issue 9.6 […]
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Cobie's Echo has launched Sonar, a new ICO platform, with Plasma as its first project, which is offering 10% of its XPL token supply.
Circle plans to offer 24 million shares of its Class A common stock at between $24 and $26, according to an updated SEC filing.
Some of the largest banks in the United States, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, are reportedly working on a joint stablecoin initiative, the Wall Street Journal reported May 23. Sam Kazemian, founder of Frax Finance, confirmed the development, signaling that the conversations between major banks might have advanced beyond speculation. […]
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JPMorgan analysts say expectations that the stablecoin market could triple or quadruple in the near future are "far too optimistic."
Sacks did not directly respond to concerns that the legislation could benefit President Trump but emphasized the bill's bipartisan support.
Aside from the approval of spot bitcoin ETFs, it marks the most significant regulatory milestone in crypto's history, Matt Hougan argued.
The alleged sales talks are happening while the San Fransisco-based startup still pursues a public listing.
Stablecoin activity on Ethereum underscores the network's dominance as the preferred blockchain for dollar-denominated digital assets.
Tether’s market cap just passed $150.66 billion, setting yet another record and extending its dominance over every rival combined. Data from DeFiLlama showed USDT expanded by roughly $830 million in the past week and more than $5.5 billion since mid‑April. The headline total matters on its own, but the real insight lies in how the tokens are distributed: […]
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The supply of Trump's WLFI stablecoin USD1 grew over to $2.1 billion in a few days as an Abu Dhabi firm confirmed an investment into Binance.
Circle's USDC stablecoin, which is pegged to the U.S. dollar, is the world's second largest stablecoin by supply.
Circle, the issuer of the USDC stablecoin, has secured initial approval from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi. The approval, announced on April 29, allows Circle to move closer to receiving a full Financial Services Permission (FSP) to operate within the Abu Dhabi Global Market (ADGM). This progress comes just months after Circle’s […]
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