Latest news with #USDT-USD
Yahoo
4 days ago
- Business
- Yahoo
Circle (CRCL) Soars 168% in NYSE Debut as Stablecoin Issuer Enters Public Market
Circle (CRCL, Financials) soared 168% on its first day of trading Thursday after the stablecoin issuer priced its long-anticipated initial public offering at $31 per share. The stock opened near $69 and closed at $83.23, briefly rising as high as 200% intraday before multiple trading halts due to volatility. Shares continued climbing in premarket trade Friday, touching $93.50. The offering valued the company at over $16 billion. Circle is the issuer of USDC (USDC-USD), the second-largest U.S. dollar-backed stablecoin behind Tether (USDT-USD), with $60 billion in circulation as of Q1. The firm generates most of its revenue from reserve incomeinterest earned on cash and Treasury bills backing USDC. In the first quarter, Circle posted revenue and reserve income of $578.6 million, up 58.5% year over year, and adjusted EBITDA of $122.4 million. The IPO follows a scrapped SPAC attempt in 2022 and marks one of the strongest debuts in the current wave of crypto-related listings. The listing comes amid renewed bullish sentiment in crypto markets following Donald Trump's re-election and broader corporate adoption of bitcoin treasury strategies. Bitcoin (BTC-USD) recently reached all-time highs above $110,000. Error 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
Yahoo
5 days ago
- Business
- Yahoo
How stablecoins could shape the future of digital money
Stablecoins are emerging as a key part of the digital money ecosystem, offering a more stable alternative to volatile cryptocurrencies. Market Domination co-host Julie Hyman explains what stablecoins are and how their growth could reshape payments and savings, and why trust in issuers like Circle (CRCL) and Tether (USDT-USD) is critical. To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
Yahoo
5 days ago
- Business
- Yahoo
Circle stock soars over 160% after IPO as stablecoin giant makes market debut
Circle stock (CRCL) exploded higher in its first day of trading on Thursday, rising as much as 200% at session highs after the stablecoin issuer made its long-anticipated public market debut. At market close, shares settled at $83.23, up 168% from their IPO price of $31. Shares were halted for trade more than once during the day due to volatility as the stock rose rapidly after opening at around $69 apiece. After its first day of trading, the company's market capitalization stood north of $16 billion. Read more about Circle's IPO and today's market action. Circle issues the stablecoin USDC (USDC-USD), which is backed by the dollar. There was $60 billion worth of USDC in circulation at the end of the first quarter. In the first three months of the year, the company's revenue and reserve income totaled $578.6 million, up 58.5% from a year ago. The company makes most of its revenue from "reserve income," which is what it makes on cash backing USDC that is held in banks or invested in Treasury bills. Circle's adjusted EBITA tallied $122.4 million in the first quarter. In 2021, the company attempted to go public via SPAC before calling off the plans a year later. Circle is the second-largest stablecoin issuer in the market behind Tether (USDT-USD), which has closer to $150 billion in circulation. The company's IPO comes amid what's been a significantly more positive environment for cryptocurrency markets, with Trump's election — and his family's business involvement in the space — providing a tailwind to the sector. Bitcoin hit record highs north of $110,000 earlier this month. Public companies have also ramped up their exposure to cryptocurrencies or pivoted their strategies entirely to mimic the bitcoin treasury technique employed most successfully by Michael Saylor at Strategy (MSTR) in recent years. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Circle stock soars over 160% after IPO as stablecoin giant makes market debut
Circle stock (CRCL) exploded higher in its first day of trading on Thursday, rising as much as 200% at session highs after the stablecoin issuer made its long-anticipated public market debut. At market close, shares settled at $83.23, up 168% from their IPO price of $31. Shares were halted for trade more than once during the day due to volatility as the stock rose rapidly after opening at around $69 apiece. After its first day of trading, the company's market capitalization stood north of $16 billion. Read more about Circle's IPO and today's market action. Circle issues the stablecoin USDC (USDC-USD), which is backed by the dollar. There was $60 billion worth of USDC in circulation at the end of the first quarter. In the first three months of the year, the company's revenue and reserve income totaled $578.6 million, up 58.5% from a year ago. The company makes most of its revenue from "reserve income," which is what it makes on cash backing USDC that is held in banks or invested in Treasury bills. Circle's adjusted EBITA tallied $122.4 million in the first quarter. In 2021, the company attempted to go public via SPAC before calling off the plans a year later. Circle is the second-largest stablecoin issuer in the market behind Tether (USDT-USD), which has closer to $150 billion in circulation. The company's IPO comes amid what's been a significantly more positive environment for cryptocurrency markets, with Trump's election — and his family's business involvement in the space — providing a tailwind to the sector. Bitcoin hit record highs north of $110,000 earlier this month. Public companies have also ramped up their exposure to cryptocurrencies or pivoted their strategies entirely to mimic the bitcoin treasury technique employed most successfully by Michael Saylor at Strategy (MSTR) in recent years. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
The race to embrace stablecoins heats up on Wall Street
The race to embrace stablecoins is heating up, with major issuer Circle (CRCL) soaring on its first day of trading Thursday while the biggest banks in the US explore whether to issue their own coins. On Thursday morning Circle founder and CEO Jeremy Allaire stood on a balcony before the trading floor at the New York Stock Exchange pumping his fists and cheering before ringing the opening bell. 'Let's go! Lets go!' Allaire yelled. By the end of the day Circle's stock more than doubled on its market debut, after listing at $31. It closed Thursday at $83, up 167%. Circle's USD Coin (USDC-USD) is the world's second largest stablecoin after Tether (USDT-USD). Unlike bitcoin and other digital assets, the price of stablecoins aren't supposed to fluctuate. Instead, they are pegged to assets such as the US dollar. And they serve as the lifeblood of the crypto world, accounting for the bulk of its transaction volume. Wall Street isn't just celebrating the debut of a major stablecoin issuer. It is also considering how it can compete against Circle in the future. A group of big banks including JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C) and PNC (PNC) met last week in a working group to discuss the prospect of offering stablecoins in a collaborative effort, according to people familiar with the matter. One idea currently being floated is creating a Zelle-like stablecoin network, according to the people familiar with the matter. Representatives for the Clearing House Payments Company and Early Warning Services, the fintech company behind Zelle, were also part of the working group for tech and innovation executives of member banks. The meeting was exploratory and marked the early stages of a conversation between the member banks, two of the people said. This gathering was spearheaded by PNC CEO William Demchak and there will be more. The Wall Street Journal first reported the existence of these discussions. Big banks are beginning to weigh their options for whether to buy, build or partner with a crypto firm to issue these assets because potential legislation setting rules around stablecoins is currently making its way through Congress and is expected to soon move to a final vote. Another broader bill focusing on crypto market structure that will lay out which regulatory agency oversees which crypto assets is expected to be introduced soon too. Banks are also eyeing other crypto activities. At least two big Wall Street institutions — Morgan Stanley (MS) and Charles Schwab (SCHW) — plan to offer cryptocurrencies through their wealth management platforms sometime next year. In a Yahoo Finance podcast last month, Charles Schwab CEO Rick Wurster laid out plans to offer retail clients spot crypto within the next 12 months. Morgan Stanley also plans to offer crypto trading to retail clients through its E*Trade platform, according to a May Bloomberg report. E*Trade had $1.29 trillion in client assets on its platform as of March 31, according to Morgan Stanley filings. And the country's biggest bank, JPMorgan, is also showing more acceptance for clients flush in digital assets. Some of the company's financing operations in trading and wealth management plan to accept selective crypto exchange traded funds as collateral for loans in the coming weeks, according to a Bloomberg report. And in some cases the bank will begin counting a client's crypto holdings in assessments of their total net worth and liquidity, putting digital assets into the same playing field the firm uses for valuing things like stocks, art and motor vehicles when underwriting how much money it can lend to them. Chief Executive Officer Jamie Dimon said at the firm's investor day in May that he's "not a fan" of bitcoin, but that his bank would allow clients to own it. "I don't think we should smoke, but I defend your right to smoke,' Dimon said at the time. 'I defend your right to buy Bitcoin, go at it." David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error 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
