Golden Finance reported that in the night trading session of the US stock market, Circle (CRCL.K), a leading enterprise in the stablecoin field, demonstrated a strong upward momentum, with its share price soaring by 10%, attracting widespread attention from the market.
As the issuer of USDC, the world’s second-largest dollar-pegged stablecoin, Circle has been the focus of the capital market since its official listing on the New York Stock Exchange on June 5th. Its performance on the first day of listing was truly astonishing. The opening price soared by 122.58% compared to the issue price to $69, and it once reached a high of $103 during the trading session, with the maximum increase reaching 234.68%. Despite being temporarily suspended due to sharp price fluctuations, the final closing price still reached as high as $83.23, with a single-day increase of 168.5%, and the total market value exceeded $18 billion at one stroke.
Circle rose by another 10% in this night session, further highlighting the market’s optimistic expectations for its prospects. From a fundamental perspective, Circle’s business growth trend is good. Its core product, USDC, is widely used in the cryptocurrency ecosystem, covering many fields such as digital asset trading, lending, and global fund transfers. Data shows that as of the first quarter of 2025, the circulation of USDC reached as high as 60 billion US dollars. In just the past 24 hours, the trading volume of USDC has soared by 22%, reflecting the continuous rise in market demand for it. Meanwhile, the trading volume of USDT on rival Tether also increased by 13% simultaneously, indicating that the entire stablecoin market is in a stage of vigorous development.
Circle’s revenue mainly comes from reserve earnings, that is, the interest generated by the cash and government bonds behind USDC. In the first quarter of this year, Circle achieved revenue and reserve gains of 578.6 million US dollars, a significant year-on-year increase of 58.5%, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached 122.4 million US dollars. This outstanding financial performance provides a solid support for its stock price.
At present, the cryptocurrency market is experiencing a new round of development opportunities. As the regulatory environment becomes increasingly clear and the Trump administration actively promotes blockchain technology, market sentiment is generally optimistic. The price of Bitcoin has recently repeatedly hit new highs, breaking through the $110,000 mark, which has driven up the valuation of the entire cryptocurrency market. Against this backdrop, Circle, as a leading enterprise in the stablecoin field, is expected to leverage its first-mover advantage and strong market position to further expand its business territory and increase its market share.
For investors, Circle’s listing not only offers them the opportunity to participate in the development of the stablecoin market, but also builds a bridge between cryptocurrencies and traditional financial markets. With Circle’s continuous performance in the public market, it is worth keeping an eye on how it will further optimize its business model, respond to market competition, and what impact it will have on the entire stablecoin industry.
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