Stablecoin bigwig Circle set to make its debut on the New York Stock Exchange
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 price of $27 to $28. The number of shares being sold was raised to 34 million from 32 million. Circle will trade on the NYSE under the symbol 'CRCL.' The shares had not opened for trading as of midday.
A view outside the New York Stock Exchange on June 5.
Richard Drew/Associated Press
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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.'
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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 US. A Senate bill
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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