The first stablecoin stock is born! Circle log in to the New York Stock Exchange to raise 1.1 billion dollars.

Today (June 5, 2025), global stablecoin giant Circle Internet Group officially listed on the New York Stock Exchange under the ticker symbol CRCL, becoming the first stablecoin issuer in the world to complete its IPO. The company issued 34 million shares at $31 per share, beating its previous expected pricing range of $27-$28, raising a total of $1.1 billion and surging to a valuation of $6.9 billion (fully diluted $8.1 billion). This listing is not only a milestone for Circle in seven years, but also marks the official entry of stablecoins into the mainstream capital market.

Oversubscription of 25 times, the market confidence behind institutional grabbing

Circle’s IPO process was a feast for demand. Initially planned to issue 24 million shares priced at $24-$26, the final issue increased to 34 million shares and the pricing increased to $31 due to high investor enthusiasm. Subscription orders exceeded the available shares by 25 times, with giants such as BlackRock (which plans to subscribe for 10% of the shares) and “Sister Wood” Kathy Wood’s ARK Investment Management (intending to subscribe for $150 million) entering the market. The underwriters were led by JPMorgan Chase, Citigroup and Goldman Sachs, and received an additional 5.1 million over-allotment options.

The market’s optimism towards CRCL stems from two core logics:

1. Compliance barriers: Circle holds multiple licenses, including the New York BitLicense, undergoes regular audits by the Big Four, and builds a moat against increasingly stringent regulations;
2. Policy dividends: The U.S. Senate advances the GENIUS Act, Hong Kong issues the stablecoin regulations, and the global regulatory framework clarifies to accelerate the entry of traditional financial institutions.

The Empire of USDC

As the core asset of Circle, the USDC stablecoin currently has a circulating supply of 61 billion USD, accounting for 29% of the global stablecoin market, second only to Tether’s USDT (which has a 64% share). Its business model is highly focused:

• Revenue Structure: In 2024, total revenue of 1.676 billion USD, 99% comes from interest income of USDC reserves (mainly invested in short-term U.S. Treasury bonds and bank deposits);
• Revenue Sharing Mechanism: According to the agreement with Coinbase, Circle is required to share 50% of the remaining profits after deducting operating costs with the other party, resulting in the distribution cost in 2024 accounting for as much as 61% of reserve income.

The financial performance highlights the characteristics of the industry: net profit of $268 million in 2023, falling to $156 million in 2024, mainly due to the contraction of trading services, but the second consecutive year of profitability has become a benchmark in the crypto space.

Trillion Dollar Market and Gray Rhino Risk: The Dual Future of Stablecoins

The listing of Circle comes at a time when the stablecoin industry is booming: the global total market value has surpassed $250 billion and may reach $3 trillion within five years. The growth momentum is clear:

• Demand for Crypto Infrastructure: As a medium of exchange and a store of value, stablecoins are the core infrastructure for DeFi and cross-border payments;
• Traditional finance penetration: Institutions like PayPal (PYUSD) and Fidelity are entering the market, promoting the tokenization of RWA (real-world assets) and deep integration with stablecoins.

But the shadow of risk cannot be ignored either:

• Interest rate sensitive: According to the prospectus, a 1% rate cut by the Federal Reserve could result in Circle’s revenue decreasing by $441 million;
• Redemption risks: During the 2023 Silicon Valley Bank crisis, Circle experienced a brief de-pegging of USDC due to $3.3 billion in reserves being trapped. Economists warn that if stablecoins evolve into “shadow banks,” large-scale redemptions could trigger a sell-off of U.S. Treasury bonds, threatening financial stability.

When the bell in the NYSE trading hall rang for CRCL, a trader remarked, “This is not only a victory for Circle, but also a turning point for the integration of cryptocurrencies into the traditional financial system.”

As USDC reserves surpass 53 billion dollars (managed by BlackRock), and RWA accelerates in scenarios such as green energy and cross-border settlement, Circle’s listing may usher in a new era of global allocation of on-chain assets—provided it must overcome the “dual anchors” of regulation and market trust.

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