Circle’s explosive stock market debut on Thursday has delivered the first major public test of crypto’s payment infrastructure ambitions. As the stablecoin operator behind USDC began trading on the New York Stock Exchange, shares soared well above expectations, pushing the firm’s valuation to nearly $19 billion and making its cofounder a billionaire overnight.

Entrance to the Public Market

Circle Internet Financial Inc. (NYSE: CRCL) opened trading at $69 per share, more than double its IPO price of $31, according to Investing.com. By afternoon, shares climbed as high as $103.75 before settling around $85, representing a 174% gain.

The offering included 34 million shares, 14.8 million of which came from the company and the rest from existing shareholders, including CEO Jeremy Allaire.

The IPO raised more than $1 billion and saw major demand from institutional investors. J.P. Morgan, Citigroup, and Goldman Sachs led the offering, which was upsized twice due to intense interest. Investors like BlackRock and ARK Investment Management reportedly bought into the deal.

First Stablecoin Issuer to Go Public

Circle's IPO marks a significant milestone for the digital asset industry. The Boston-based fintech becomes the first stablecoin issuer to list publicly, signaling mainstream validation of blockchain-based payment tools. USDC, Circle’s flagship product, is the world’s second-largest stablecoin with $61 billion in circulation, second only to Tether.

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The company’s listing is also one of crypto’s most significant public market events since Coinbase's 2021 IPO. Thursday’s stock surge caps a volatile chapter in Circle’s history. In 2022, the company abandoned a $9 billion SPAC deal. In 2023, it reportedly temporarily lost access to reserves during the collapse of Silicon Valley Bank, shaking confidence in USDC.

Earlier this year, Circle reportedly turned down acquisition offers from Coinbase and Ripple, valuing the company at around $5 billion. Instead, it chose to go public, likely betting on growing investor appetite and improving regulatory clarity.

Meanwhile, Israeli fintech giant eToro debuted in May in a much-anticipated Wall Street listing. Despite broader market uncertainties, trading platform eToro delivered a strong performance on its first day on the Nasdaq. Meanwhile, Israeli fintech giant eToro debuted in May in a much-anticipated Wall Street listing. Despite broader market uncertainties, trading platform eToro delivered a strong performance on its first day on the Nasdaq.

Source: Finance Magnates