Circle Internet Group (CRCL), the company behind the USDC stablecoin, made its public market debut on the New York Stock Exchange. The IPO was priced at $31 per share, but the stock opened at $69.50 and surged as high as $103.75 during the first trading hour. The sharp movement triggered multiple trading halts due to exchange volatility rules.
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IPO Raises Over $1 Billion
Circle raised approximately $1.1 billion through the offering of 34 million shares. The IPO was oversubscribed, with strong interest from both institutional and retail investors. Several major financial institutions, including JPMorgan Chase, Goldman Sachs, and Citigroup, were involved in underwriting the deal.
Read also: Circle’s IPO Nears with Unusual Share Structure and Market Confusion
Business Model and Financials
Circle issues USDC, a U.S. dollar-pegged stablecoin used in digital payments and decentralized finance applications. As of early June, there are around $64 billion in USDC in circulation across multiple blockchains.
The company earns most of its revenue from reserve income – interest earned on U.S. Treasuries and other cash-equivalent instruments held to back USDC. In Q1 2025, Circle reported $578.6 million in revenue and $122.4 million in adjusted EBITDA, reflecting a year-over-year increase of nearly 60%.
Regulatory Compliance and Strategy
Circle has emphasized regulatory alignment in its operations, including compliance with MiCA regulations in the European Union. The company has also integrated its services into fintech platforms and payment apps. USDC has been adopted for both crypto-native and traditional financial uses, including cross-border transactions and stable payments.
Circle’s leadership framed the IPO as part of a broader plan to support global financial infrastructure. CEO Jeremy Allaire described the listing as a significant step in developing what he calls the “internet financial system”. Chief Strategy Officer Dante Disparte highlighted the company’s mission to support economic prosperity through digital value exchange.
Public Listing Preserves Independence
Circle’s decision to go public follows previous acquisition offers, including a reported $20 billion bid from Ripple Inc. The IPO allows Circle to retain control over its development plans while securing long-term capital through public markets.
The company now joins a small group of crypto-related firms trading on traditional stock exchanges, signaling increased investor interest in blockchain infrastructure beyond tokens and exchanges.
Read also: Ripple and Coinbase Interested in Circle as IPO Plans Continue
Ongoing Volatility and Price Discovery
Following the debut, CRCL shares remain under active trading and have experienced continued volatility. Analysts expect several sessions of price discovery as the market adjusts to the company’s valuation and trading volume stabilizes.
Circle’s public offering is being closely watched as a potential signal of wider institutional acceptance of stablecoins and their role in mainstream finance.
