The "first stock" of stablecoin Circle US IPO opened 122% on the first day and closed up nearly 170%

**Source:** Wall Street Insights  

On Thursday local time, Circle Internet Group Inc. (CRCL), the "first stablecoin stock," surged 122% at the opening of its U.S. IPO, reporting $69 per share—far above the previously announced IPO price of $31 per share. The company's stock soared as much as 235% intraday, hitting a high of $103.75. By the close of U.S. stocks on Thursday, Circle had gained nearly 170%, significantly outperforming the broader market.  

As of Thursday's close, Circle's trading volume reached approximately 46 million shares, far exceeding the number of freely tradable shares in the market.  

The market greeted Circle's IPO with enthusiasm. The company priced its IPO on Wednesday evening well above the expected range of $27–$28 per share this week and the initially set range of $24–$26 per share last week, giving it a pre-opening valuation of approximately $6.8 billion on Thursday. The IPO raised nearly $1.1 billion in total.  

Circle becomes one of the few pure-play cryptocurrency listed companies in the U.S. market, following Coinbase, Mara Holdings, and Riot Platforms. This marks the company’s second attempt at going public: its previous merger with a special purpose acquisition company (SPAC) failed in late 2022 due to regulatory issues.  

Jeremy Allaire, Circle’s CEO, said on Thursday:  

*"To achieve our vision, we must build relationships with governments and collaborate with policymakers. If you want this technology to go mainstream, it must operate within mainstream society and require clear rules. We have consistently been one of the most licensed, regulated, compliant, and transparent companies in the industry, which has delivered positive results for us."*  

The cryptocurrency industry is gaining new support under the current U.S. government, which is perceived as crypto-policy-friendly. In particular, regarding stablecoins, the market expects the U.S. Congress to pass relevant legislation this summer. Wall Street analysts project the sector could grow tenfold over the next five years, becoming a trillion-dollar market opportunity.  

Allaire co-founded Circle in 2013, with the company initially headquartered in Boston and focused on consumer-facing payment services, crypto wallets, and exchange services. In 2015, Circle became one of the first companies to obtain New York State’s stringent BitLicense. Earlier this year, the company relocated to New York.  

Circle launched the U.S. dollar-pegged stablecoin USDC, aiming to establish a standard for fiat currency on the internet. The stablecoin was introduced in 2018 through a consortium called Centre in partnership with Coinbase. In 2023, the two companies dissolved Centre, with Circle taking over USDC operations while Coinbase became a minority shareholder in the stablecoin firm.  

The two companies also agreed to share USDC revenues. Coinbase CEO Brian Armstrong stated in a recent earnings call that the company has a "grand goal: to make USDC the No. 1 stablecoin."  

USDC is currently the second-largest stablecoin in the market, trailing only Tether’s USDT.  

Stablecoins are a category of cryptocurrencies whose value is pegged to other assets, typically the U.S. dollar. While traditionally used as intermediary currencies for crypto trading, banks and payment companies are now showing growing interest in stablecoins as the Trump administration relaxes Biden-era crypto policies and Congress is expected to provide legislative support for the system.  

In particular, companies outside the traditional cryptocurrency user base are recognizing the efficiency and cost advantages of stablecoins in remittances, corporate payments, and e-commerce. Meanwhile, stablecoins remain a key component of tokenized financial markets. There is a growing narrative that stablecoins could help maintain the U.S. dollar’s dominance—partly because dollar-denominated stablecoins are almost entirely backed by U.S. Treasury bonds.  

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