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Circle Shares Soar in Landmark NYSE Debut, Signaling Strong Crypto IPO Market

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Circle Internet, the stablecoin issuer behind USDC, delivered a stunning debut on the New York Stock Exchange (NYSE) on Thursday, with its shares more than doubling and igniting fresh momentum for crypto-related initial public offerings (IPOs).

The company’s stock opened at $69 per share, valuing Circle at nearly $18 billion on a fully diluted basis. In volatile trading that triggered multiple halts, shares climbed as high as $103.75 before closing at $83.23, marking a 168% gain from its IPO offer price of $31 per share. Circle and some of its existing investors raised $1.05 billion through the sale of 34 million shares, pricing well above the previously 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 success of Circle’s IPO may open the door for other cryptocurrency companies considering public listings, particularly as regulatory attitudes under the Trump administration appear more favorable to digital assets.

Matt Kennedy, senior strategist at Renaissance Capital, noted that Circle’s IPO sends a broader signal: “The more crypto companies that go public, the easier it will be for future crypto companies.” Legal experts also anticipate a surge of crypto IPOs as the sector continues evolving amid clearer regulatory frameworks.

Circle’s flotation is the most significant crypto listing since Coinbase’s 2021 public debut and marks the first major IPO by a stablecoin issuer. The company previously attempted to go public in 2022 through a $9 billion blank-check deal that ultimately collapsed.

The Trump administration’s lighter regulatory touch has helped boost confidence across the digital asset sector. Many companies have recently begun adding cryptocurrencies to their balance sheets, betting on rising token prices and expanded use cases. Ross Carmel, a partner at Sichenzia Ross Ference Carmel, predicted that as regulations solidify, “there will be a flood of crypto and crypto-related IPOs.”

Beyond its IPO success, Circle’s listing is a milestone for the broader stablecoin market. The company’s dollar-pegged USDC stablecoin is the second-largest globally after Tether, and its newer euro-denominated EURC is also gaining traction. CEO Jeremy Allaire emphasized Circle’s innovation push, including the launch of Circle Payments Network, which allows for real-time, cross-border settlements using USDC.

Stablecoins, once primarily used to facilitate cryptocurrency trading, are increasingly being adopted for everyday digital payments. Wall Street analysts believe stablecoins may soon become one of the most transformative forces in finance. “People now clearly believe that this has the potential to do to the financial system what the internet’s done to so many other significant industries,” said Allaire.

Founded in 2013 by Allaire and Sean Neville, Circle’s rapid ascent highlights how mainstream adoption of stablecoins is accelerating. As Congress debates stablecoin-specific legislation, the IPO’s success could further validate the sector’s role in reshaping global payments infrastructure.

India’s Paytm Eyes Profitability by June as Losses Narrow Post ESOP Charge

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Indian digital payments giant Paytm said Tuesday it expects to become profitable in the April-June quarter, following a sharp reduction in losses after adjusting for a one-time employee stock option (ESOP) charge.

Founder and CEO Vijay Shekhar Sharma stated during the company’s post-earnings call that Paytm is “at the verge of PAT profitability” and is confident that the coming quarter could mark its first profitable period if current trends hold.

For the quarter ended March 31, Paytm reported a net loss of ₹5.4 billion ($64 million), wider than the previous quarter’s ₹2.08 billion loss. However, this included a one-time ESOP-related charge of ₹4.92 billion after Sharma gave up his stock options.

Excluding this charge, the company’s net loss narrowed to ₹230 million, signaling improving financial health.

Other highlights from the report:

  • EBITDA excluding ESOP costs turned positive at ₹810 million, compared to a loss of ₹410 million in the previous quarter.

  • Revenue from operations rose 4.6% sequentially to ₹19.12 billion.

  • Financial services revenue (including lending) increased 9%.

  • Payments services revenue grew by 4%.

Looking ahead, Paytm expects ESOP costs to decrease to ₹750 million–1 billion in the April-June quarter, down from ₹1.69 billion, contributing further to its path to profitability.

Sam Altman’s World Network in Talks with Visa for Stablecoin Wallet

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Sam Altman’s cryptocurrency project, World Network, is reportedly in discussions with Visa to develop a stablecoin payments wallet. According to CoinDesk, a deal would integrate Visa card functionality into World Network wallets, allowing stablecoin-based payments at merchants within Visa’s network.

This collaboration highlights the growing efforts to incorporate cryptocurrency into the mainstream payments system, with both companies aiming to expand the use of digital assets in everyday transactions. Visa and Tools for Humanity, the company behind World Network, have yet to respond to requests for comment.

World Network, co-founded by OpenAI’s Sam Altman, primarily offers World ID, a digital passport designed to verify a user’s identity as a real human, distinguishing them from AI chatbots.