The issuer of USDC, Circle Internet Financial (stock code: CRCL), has completed its listing on the New York Stock Exchange on June 5, 2025.

The stock price formation mechanism of Circle mainly relies on its initial public offering price and market supply and demand dynamics. The company's IPO pricing was set at 31 USD per share, but it was highly sought after by investors, with the closing price on the first day of listing reaching 83.23 USD, achieving a significant increase of 168.48%. This impressive performance reflects investors' positive assessment of the prospects of the stablecoin industry and their recognition of Circle's development potential. In addition, the value of the USDC assets managed by Circle and its market share in the stablecoin market also constitute key variables in stock price fluctuations.

Circle's core profit model revolves around the USDC stablecoin it issues, ensuring that each USDC is strictly pegged to 1 USD. The company primarily allocates the assets deposited by users to low-risk investment tools such as short-term US Treasury bonds and cash, generating relatively safe returns. As the global application scenarios for stablecoins continue to expand, the market holds an optimistic view on Circle's long-term development, which has also become an important foundation for driving up its stock value.