Latest news with #ElSalvador-based
Yahoo
3 days ago
- Business
- Yahoo
Stablecoin bigwig Circle soars in debut on the New York Stock Exchange
The US-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 US 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 US 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 (€27.12) per share Wednesday, up from an expected range of $27 to $28. The number of shares being sold was raised to 34m from 32m. 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 $150bn in circulation. Related Trump Media eyes Bitcoin reserve with €2.3 billion investor backing Coinbase says cyber criminals stole customer data and demanded $20 million ransom USDC is the second most popular stablecoin market cap, with about $60bn in circulation. Circle said in a regulatory filing that USDC has been used for more than '$25tn in onchain transactions' since its launch in 2018. Revenue-wise the company has seen tremendous growth, going from just $15m in 2020 to $1.7bn 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 US. 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.
Euronews
3 days ago
- Business
- Euronews
Stablecoin bigwig Circle soars in debut on the New York Stock Exchange
The US-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 US 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 US 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 (€27.12) per share Wednesday, up from an expected range of $27 to $28. The number of shares being sold was raised to 34m from 32m. 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 $150bn in circulation. USDC is the second most popular stablecoin market cap, with about $60bn in circulation. Circle said in a regulatory filing that USDC has been used for more than '$25tn in onchain transactions' since its launch in 2018. Revenue-wise the company has seen tremendous growth, going from just $15m in 2020 to $1.7bn 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 US. 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. In three hours on Thursday, shares in Elon Musk's electric vehicle company plunged by more than 14% in a stunning wipeout, as investors dumped their holdings amid a bitter war of words between the president and the world's richest man. By the end of the trading day, $150 billion (€139bn) of Tesla's market value had been erased — more than what it would take to buy all the shares of Starbucks and hundreds of other big publicly traded US companies. The disagreement started over the president's budget bill, then quickly turned nasty after Musk said that Trump wouldn't have been elected without his help. Trump then implied that he may turn the federal government against Musk's companies, including Tesla and SpaceX. 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts,' Trump wrote on his social messaging service Truth Social. 'I was always surprised that Biden didn't do it!' The drop on Thursday partially reversed a big run-up in the eight weeks since Musk confirmed that Tesla would be testing an autonomous, driverless 'robotaxi' service in Austin, Texas, this month. Investors fear Trump might not be in such a rush to usher in a future of self-driving cars in the US, and that could hit Tesla. 'The whole goal of robotaxis is to have them in 20 or 25 cities next year," Wedbush Securities analyst Dan Ives, said. "If you start to heighten the regulatory environment, that could delay that path.' He added that there's a fear Trump is not going to play 'Mr Nice Guy' anymore. However, Trump's threat to cut government contracts could be aimed more at another of Musk's businesses, SpaceX. The privately held rocket company has received billions of dollars for sending astronauts and cargo to the International Space Station, providing launches and doing other work for NASA. The company is currently racing to develop a mega-rocket for the space agency to send astronauts to the Moon next year. A subsidiary of SpaceX, the satellite internet company Starlink, appears to also have benefited from Musk's once-close relationship with the president. On a trip with Trump to the Middle East last month, Musk announced that Saudi Arabia had approved Starlink for aviation and maritime use. Though its not clear how much politics has played a role, a string of other recent deals in Bangladesh, Pakistan, India and elsewhere has followed, as Trump has threatened tariffs and sent diplomats scrambling to please the president. One measure of SpaceX's success: A private financing round followed by a private sale of shares in recent months reportedly valued it at $350 billion (around €325bn), up from an estimated $210 billion (about €195.3bn) a year ago. Now all that is possibly in danger. Tesla shares got an even bigger lift from Musk's close relationship with Trump, initially at least. After the presidential election in November, investors rushed into the stock, adding more than $450 billion (€418.5bn) to its value in a few weeks. The belief was that the company would see big gains as Trump eased regulatory oversight of Tesla. They also bet that the new administration would embrace Musk's plans for millions of cars on US roads without drivers behind the wheel. After hitting an all-time high on 17 December, the shares retreated as Musk's time as head of a government cost-cutting group led to boycotts and a hit to Tesla's reputation. They've recently popped higher again after Musk vowed to focus more on Tesla and its upcoming driverless taxi launch. Now investors aren't so sure, a worry that has translated into big paper losses in Tesla stock held by Musk personally.
Economic Times
3 days ago
- Business
- Economic Times
Stablecoin bigwig Circle soars in debut on the New York Stock Exchange
The US-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 US 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 US 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 US 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.
Time of India
3 days ago
- Business
- Time of India
Stablecoin bigwig Circle soars in debut on the New York Stock Exchange
Live Events The US-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 US dollars, and EURC, which can similarly be traded for are a fast-growing corner of the cryptocurrency industry that offer a buffer against volatility because they are pegged to real-world assets, like US dollars or gold. That makes them a much more reliable means of conducting commercial transactions than other forms of 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 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 said in a regulatory filing that USDC has been used for more than "$25 trillion in onchain transactions" since its launch in the company has seen tremendous growth, going from just $15 million in 2020 to $1.7 billion in 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 US A Senate bill advanced last month with bipartisan is also growing competition in the stablecoin field. A crypto enterprise partly owned by the Trump family just launched its own stablecoin, 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.
The Hill
3 days ago
- Business
- The Hill
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.
