New York, Today: Ethereum is expected to gain traction as investors examine Circle's business model following its initial public offering (IPO). This development is fueled by the growing interest in stablecoins on Wall Street, as reported by Decrypt.
Circle's IPO on Thursday saw its shares surge 165% to $83.22 from an IPO price of $31, according to Yahoo Finance. The stock continued its climb on Friday, reaching $114.50 by noon Eastern Time, marking a 38% increase from Friday's closing price.
More than half of Circle's USDC stablecoin, totaling $36.7 billion, is on Ethereum, according to DefiLlama. Juan Leon from Bitwise noted that Ethereum's prominence in DeFi should benefit the network as USDC's footprint grows. Ethereum was recently trading around $2,500, reflecting a 3% dip over the past 24 hours, as per CoinGecko.
Spot Ethereum ETFs, which launched in the U.S. last year, saw relatively subdued inflows on Thursday at $11 million, compared to a recent peak of $110 million on Tuesday, according to CoinGlass.