Circle’s NYSE IPO Raises $1.1B, Shares Surge

Circle Internet Group, issuer of the USDC stablecoin, made a landmark debut on the New York Stock Exchange, with shares opening at $69 and surging as high as $103.75—over 230% above its $31 IPO price—raising nearly $1.1 billion and valuing the company at up to $18 billion. This is the largest crypto IPO since Coinbase in 2021 and the first major public listing by a stablecoin issuer, reflecting strong investor demand and confidence in stablecoins' mainstream adoption. The IPO was upsized twice due to overwhelming interest, with significant participation from institutional investors like ARK Investment Management and BlackRock. Circle’s revenues reached $1.7 billion in 2024, primarily from interest on reserves backing its $61 billion USDC supply. The debut comes amid Congressional consideration of new stablecoin regulations, which could boost institutional adoption and spur major banks to explore their own stablecoins. Analysts see the event as a bellwether for the digital asset industry's maturation and a catalyst for future crypto-related IPOs.