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.
