On June 5, 2025, Circle Internet Group, the issuer of the USDC stablecoin, made its debut on the New York Stock Exchange under the ticker symbol “CRCL”. The company priced its IPO at $31 per share, raising $1.1 billion by selling 34 million shares.
Shortly after the opening, Circle’s stock price skyrocketed by 234% in less than 30 minutes, triggering multiple trading halts. The stock opened at $69 and soared to as high as $103.75, reflecting robust market enthusiasm. These trading halts were due to the NYSE’s limit – up/limit – down (LULD) rules, which are designed to address excessive price swings and protect investors.
Circle’s remarkable IPO performance is attributed to several factors. The company is a leader in the stablecoin market, and the surging demand for stablecoins and the favorable regulatory environment under the Trump administration have enhanced investors’ confidence in Circle. Moreover, Circle’s IPO was oversubscribed, indicating strong market demand.
Despite the stellar debut, Circle faces challenges ahead. Its revenue model heavily relies on interest income from USDC reserves, which exposes it to risks from fluctuating interest rates. In 2024, distribution and transaction costs, particularly with Coinbase, consumed over $1 billion of its $1.6 billion interest income.
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