On June 5, 2025, Circle, the issuer behind the stablecoin USDC, was listed on the New York Stock Exchange (ticker symbol: CRCL). From the initial public offering price of $31, the stock price soared to $83.23 on the first day, an increase of 168%, and the company's market value quickly exceeded the $18 billion threshold. What shocked the market even more was that in the following 10 days, Circle's stock price continued to climb, reaching a high of $165 on June 16, an increase of nearly 390% from the issue price. This phenomenon not only marks an important milestone in the development of the digital asset industry, but also demonstrates the recognition and acceptance of blockchain financial solutions by the traditional financial market.

As the issuer of the world's second largest stablecoin, Circle's business model and positioning are quite distinctive. The company's core business revolves around the USDC stablecoin, which maintains a 1:1 peg relationship with the US dollar, and currently has a circulation of $60.1 billion, accounting for 29% of the global stablecoin market. USDC provides key digital dollar infrastructure support for cryptocurrency trading, cross-border payments, and decentralized finance (DeFi).

Circle's profit model is simple and efficient: after users deposit USD, the company invests the funds in short-term U.S. Treasury bonds, earning revenue through interest rate spreads. In the fiscal year 2024, Circle achieved a revenue of $1.676 billion, with as much as 99% coming from reserve interest, making it one of the biggest beneficiaries in the high interest rate environment of U.S. Treasury bonds.

In terms of regulatory compliance, Circle is also at the forefront of the industry. As the first stablecoin company to successfully go public, Circle insists on a transparent reserve structure, consisting solely of US Treasuries and cash. The company has received policy support from the US "GENIUS Act" and complies with the relevant requirements of the Hong Kong Special Administrative Region's "Stablecoin Ordinance," demonstrating its compliance strength on a global scale.

The capital market's enthusiasm for Circle stems from a number of factors. First of all, the global stablecoin market capitalization has exceeded $250 billion, and its transaction size even exceeds that of Visa and Mastercard combined. In addition, with the development of the (RWA) trend of tokenization of physical assets, the importance of stablecoins as an on-chain dollar has become increasingly prominent.