Circle Is America’s First Publicly Traded Stablecoin Issuer. Now What?

Stablecoins have gone public in the U.S.

On Thursday (June 5), Circle Internet Financial, the company behind the USDC stablecoin, debuted on the New York Stock Exchange (NYSE) under the ticker symbol “CRCL,” and did so with a bang, tripling in price by the day’s close and making its founder a paper billionaire.

After pricing its initial public offering (IPO) at $31 per share, above the expected range, the stock opened at $69.50 and soared 168% during its first day of trading. Market interest caused the stock to surge so much that it was paused for volatility shortly after being listed. CRCL’s share price ultimately closed at $83.23, pushing the company’s value north of $18 billion.

The stablecoin issuer’s direct listing sees it join other firms such as Coinbase, Mara Holdings and Riot Platforms as one of the few pure-play crypto companies to list in the U.S.

But Circle’s debut represents more than a successful fundraising event. It marks a broader cultural and economic shift. For years, cryptocurrencies have lived at the margins of institutional finance, oscillating between hype cycles and regulatory crackdowns.

With Circle’s entry into the public market, a new chapter looks set to begin.

With blue-chip banks underwriting the deal and retail investors clamoring for shares, the traditional finance world appears more open than ever to embracing digital assets.

Or, at least, the potentially regulated and transparent kind of digital assets.

Read more: Circle’s IPO Goals Aimed at Becoming Digital Money’s Infrastructure Layer

Circle and Future of Stablecoins

Circle issues the world’s second-largest stablecoin, USDC (or USD Coin), which boasts a market capitalization of about $61 billion and plays second fiddle to the more embattled USDT stablecoin issued by Tether.

Over $25 trillion in transaction volume has been processed using the token, according to the company. While USDC’s scale is still dwarfed by Tether’s USDT, USDC is widely regarded as the more transparent and regulation-friendly option. That reputation has helped Circle build deep relationships with both FinTech upstarts and legacy institutions.

“Our transformation into being a public company is a significant and powerful milestone — the world is ready to start upgrading and moving to the internet financial system,” said Circle Co-Founder and CEO Jeremy Allaire.

“From inception, we have been deeply focused on being trusted, transparent, compliant, ethical and well governed. Holding ourselves to the high standards of the NYSE and SEC rules and regulations further deepens those attributes.”

The company’s revenue model largely centers around interest earned on its reserve holdings. In 2024 alone, Circle reported $1.7 billion in revenue — a number driven by rising interest rates, increased adoption of USDC in global payments, and growing use among institutional clients.

The implications of Circle’s IPO are far-reaching. First, it lends unprecedented credibility to the stablecoin market. By successfully listing on the NYSE and attracting underwriters such as Goldman Sachs, JPMorgan and Citigroup, Circle has sent a strong signal to Wall Street: Stablecoins are not only here to stay, but they are also investable, scalable financial products with real-world utility.

This public listing offers increased transparency into Circle’s operations, governance and financials, which may set a new industry standard. Investors now have the ability to scrutinize Circle through quarterly reports, SEC filings and earnings calls — levels of visibility previously unavailable in the stablecoin space.

Read more: Crypto Rulemaking Has FinTech Rushing in, TradFi Waiting to See

Institutional Confidence

One of the key advantages of going public is the enhanced regulatory clarity it affords. By becoming a publicly traded company, Circle must comply with a higher standard of regulatory oversight, including audits, disclosures, and governance practices. This alignment with U.S. financial norms could make Circle a preferred partner for banks, FinTechs and governments exploring stablecoin use cases.

Despite the fanfare, Circle faces several challenges. First, the stablecoin market is becoming competitive. Those very same blue chip banks that helped take Circle public are themselves considering becoming stablecoin issuers. PYMNTS covered last month how JPMorgan Chase, Bank of America (BofA), Wells Fargo and Citigroup are exploring the launch of a jointly operated stablecoin.

That could be why Circle is hedging its bets by expanding its product offerings. Late last month, it was announced that the Circle Payments Network (CPN) is now live, enabling stablecoin-powered cross-border payments.

At the same time, the integration of stablecoins into the mainstream financial system is not without friction. Issues around consumer protection, systemic risk, and monetary policy remain unresolved.

Ultimately, however, Circle’s IPO is not just a financial milestone; it’s a statement of intent. It tells the world that stablecoins have graduated from the experimental phase and are ready to play a central role in the future of money.

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