The U.S.-based Circle Internet Group, issuer of the USDC and EURC stablecoins, debuted on the New York Stock Exchange (NYSE) on Thursday. This event marks a significant moment for the cryptocurrency industry and the growing stablecoin market.
Circle's initial public offering was priced at $31 per share, exceeding the expected range of $27 to $28. The number of shares sold increased to 34 million from 32 million. The company will trade under the symbol "CRCL."
USDC, Circle's stablecoin, is the second most popular with approximately $60 billion in circulation. Since its launch in 2018, USDC has facilitated over $25 trillion in onchain transactions. The company's revenue surged from $15 million in 2020 to $1.7 billion in 2024.
Stablecoins, like USDC, offer stability by being pegged to real-world assets, such as the U.S. dollar. Circle's USDC is backed by cash, short-dated U.S. Treasuries, and repurchase agreements. The IPO arrives amidst regulatory efforts and growing competition in the stablecoin sector.
The IPO of Circle is a key event for the cryptocurrency market. The company's success could influence the future of stablecoins and their integration into the global financial system. The market will be watching how Circle's stock performs.