Circle’s $6.8B IPO Triumph: Stablecoin Giant Sets NYSE Debut at $31 Per Share

NEW YORK, June 5, 2025 - Circle Internet Group, the issuer of the world’s second-largest stablecoin, USDC, has priced its initial public offering (IPO) at $31 per share, surpassing the anticipated range of $27 to $28. This valuation positions the company at a $6.8 billion market capitalization, marking a significant milestone for the cryptocurrency industry. The IPO, which raised $1.05 billion through the sale of 34 million shares, reflects strong investor demand for the Boston-based firm, which relocated to New York earlier this year.

Circle’s shares are set to begin trading on the New York Stock Exchange under the ticker symbol “CRCL,” with underwriters led by JPMorgan, Citigroup, and Goldman Sachs granting a 30-day option to sell an additional 5.1 million shares.

Surging Demand and Strategic Expansion

The IPO’s success comes amid heightened interest in stablecoins, with Circle increasing its share offering from 32 million to 34 million due to robust demand. Initially, the company aimed to raise $624 million by selling 24 million shares at $24 to $26 each. The upsized offering underscores Circle’s pivotal role in the stablecoin market, where USDC holds a 27% share, trailing only Tether’s USDT at 67%.

Cathie Wood’s ARK Investment Management has expressed intent to acquire up to $150 million in shares, signaling strong institutional confidence. Circle’s financial performance in 2024, with $156 million in net income on $1.68 billion in revenue, highlights its growth, though it is down from $268 million on $1.45 billion in 2023.

ALSO READ | Emerging Markets Surge as South Korea’s Kospi and Kosdaq Lead Global Rally

Stablecoins and Regulatory Advantage

Stablecoins, designed to maintain the stability of traditional currencies on blockchain networks, are gaining traction among global financial institutions for their efficiency in transactions. Circle’s USDC is well-positioned to capitalize on this trend, particularly due to its regulatory compliance. The company was the first to secure a New York State BitLicense in 2015, a credential that enhances its appeal to banks and payment firms.

As the Trump administration eases previous crypto regulations and Congress advances stablecoin legislation, potentially by August 2025, analysts predict the stablecoin market could grow to $3 trillion within five years, driven by institutional adoption.

Did You Know?
Stablecoins like USDC are pegged to assets like the U.S. dollar, enabling fast, low-cost transactions on blockchain networks, making them a cornerstone of decentralized finance.

Reviving Tech IPO Market

Circle’s IPO arrives as the tech IPO market shows signs of recovery after a prolonged slowdown since early 2022. Other recent filings, including those from eToro, Omada Health, and Chime, reflect renewed investor optimism, though some companies like Klarna and StubHub delayed plans amid tariff-related market volatility.

Since its debut, eToro’s stock has risen 25%, while CoreWeave’s shares have more than doubled since its March IPO. Circle’s listing positions it as a leading pure-play crypto company in the U.S., focusing exclusively on stablecoins, unlike diversified firms such as Robinhood or Block.