Circle Stock Soars 168% in Blockbuster $1.1B IPO, Fueling Stablecoin Market Surge

Key Takeaways

• Circle shares surged 168% on the first trading day, opening at $69 after pricing at $31 and peaking at $103.75.
• Valuation hit $6.8 billion pre-trading, marking a successful debut after a failed SPAC deal in 2022.
• The stock may further rise as the stablecoin market is expected to grow.

In a market often marred by volatility and skepticism, Circle Internet Group’s explosive Wall Street debut felt like a rare moment of clarity for crypto.

The company behind the USDC stablecoin didn’t just meet expectations—it shattered them. With shares soaring 168% on Day One, investors seemed to send a clear message: stablecoins may finally be finding their place in mainstream finance.

Circle Soars 168% in NYSE Debut

Circle Internet Group (CRCL) surged by 168% on its first trading day , opening at $69 after pricing its IPO at $31, far above expectations. Shares peaked at $103.75, with trading volume hitting 46 million.

The IPO valued the stablecoin firm at $6.8 billion pre-trading.

This marks Circle’s second attempt at going public following a failed SPAC deal in 2022.

Circle joins a small group of crypto-native companies like Coinbase and Riot Platforms to go public in the U.S.

CEO Jeremy Allaire emphasized the firm’s regulatory compliance. Stating, “We’ve been one of the most licensed, regulated, transparent companies in this industry.”

Circle to Benefit from Stablecoins Expected Growth

The stablecoin market, led by Tether (USDT) and USDC, currently stands at $215.5 billion.

Analysts at Citigroup project it could surge to $3.7 trillion by 2030 , driven by growing integration into financial systems, global remittance use, and broader blockchain adoption.

For analysts, Circle, the issuer of USDC and the newly launched Euro Coin (EURC), is well-positioned to capture this growth.

It works with over 500 partners, supports 400 smart contracts, and operates on 19 blockchains.

Experts say it’s also expanding globally, gaining approval to operate in the Middle East and launching the Circle Payments Network to improve cross-border payments.

However, Circle faces risks. Its USDC reserves are heavily tied to short-term U.S. Treasuries, making it vulnerable to interest rate fluctuations.

Despite concerns about valuation and regulation, many analysts see Circle’s strong fundamentals and stablecoin leadership as key advantages.

Is Circle Profitable?

Circle‘s revenue and reserve income totaled $578.6 million in the first three months of the year, marking a 59% increase from the same period last year.

Most of this revenue came from “reserve income”—earnings generated from the cash and equivalents backing USDC, which are held in banks or invested in short-term U.S. Treasury bills.

The company also posted an adjusted EBITDA of $122.4 million in the first quarter, demonstrating strong operational efficiency and scalability.

“These results underscore Circle‘s ability to turn stablecoin-related services into a reliable revenue stream, positioning it as one of the few crypto-native firms with a clear path to sustained profitability,” a business analyst told CCN.