Stablecoin bigwig Circle soars in debut on the New York Stock Exchange
The U.S.-based issuer of one of the most popular cryptocurrencies made its debut on the New York Stock Exchange on Thursday and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors.
Circle Internet Group issues USDC, a stablecoin that can be traded at a 1-to-1 ratio for U.S. dollars, and EURC, which can similarly be traded for euros.
Stablecoins are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like U.S. dollars or gold. That makes them a much more reliable means of conducting commercial transactions than other forms of crypto.
Interest in Circle's initial public offering is high. The company's underwriters priced the offering at $31 per share Wednesday, up from an expected range of $27 to $28. The number of shares being sold was raised to 34 million from 32 million. Circle is listed on the NYSE under the symbol 'CRCL.'
The stock price soared above $96 at one point Thursday afternoon and landed at $83.23 by closing. Circle's initial public offering is one of the biggest public listings for a crypto-related company since the exchange Coinbase went public in 2021.
The dominant player in the stablecoin field is El Salvador-based Tether, which has the stablecoin known as USDT that currently has about $150 billion in circulation. USDC is the second most popular stablecoin market cap, with about $60 billion in circulation.
Circle said in a regulatory filing that USDC has been used for more than '$25 trillion in onchain transactions' since its launch in 2018.
Revenue-wise the company has seen tremendous growth, going from just $15 million in 2020 to $1.7 billion in 2024.
Stablecoin issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins. Circle said USDC is backed by 'cash, short-dated US Treasuries and overnight US Treasury repurchase agreements with leading global banks.'
Circle's IPO comes amid a push by the Trump administration and the crypto industry to pass legislation that would regulate how stablecoin issuers operate in the U.S. A Senate bill advanced last month with bipartisan support.
There is also growing competition in the stablecoin field. A crypto enterprise partly owned by the Trump family just launched its own stablecoin, USD1.
Circle said its long track record and values – the company says its mission statement is 'to raise global economic prosperity through the frictionless exchange of value' – will help it stand apart in the field.
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10 minutes ago
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As StarRez continues to advance AI capabilities within its platform, the benefits of a unified system grow exponentially—helping institutions future-proof operations while enhancing safety and student support. To learn more about StarRez's offerings and how they are leading the way in student safety innovation, visit About StarRezStarRez is the global leader in student housing software, providing innovative solutions for housing management, resident wellness and experience, and revenue generation. Trusted by 1,300+ clients across 25+ countries, StarRez supports more than 3 million beds annually with its user-friendly, all-in-one platform, delivering seamless experiences for both students and administrators. With offices in the United States, Australia, and the UK, StarRez blends the robust capabilities of a global organization with the personalized care and service of a trusted partner. For more information, visit About EdTech BreakthroughPart of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the EdTech Breakthrough Awards program is devoted to honoring excellence in educational technology products, companies and people. The EdTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough educational technology in categories including e-learning, student engagement, school administration, career preparation, language learning, STEM and more. For more information, visit Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose. Media contact: Caroline Hansen [chansen@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
