Empire State Review Team 
NEW YORK — Circle Internet Group, the issuer of the USD Coin (USDC) stablecoin, made a remarkable debut on the New York Stock Exchange (NYSE) on June 5, 2025. Priced at $31 per share, the company’s initial public offering (IPO) exceeded expectations, reflecting robust investor demand.
The IPO, initially expected to price between $27 and $28 per share, was upsized to 34 million shares due to heightened interest from investors. This move raised approximately $1.1 billion, marking one of the most significant public offerings for a cryptocurrency-related company since Coinbase’s 2021 debut. Circle’s stock, trading under the ticker symbol “CRCL,” opened at $69 and closed at $83.23, representing a 168% increase from its IPO price and valuing the company at over $18 billion.
Founded in 2013 by Jeremy Allaire and Sean Neville, Circle has established itself as a key player in the digital finance sector. The company’s USDC stablecoin, pegged 1:1 to the U.S. dollar, is the second-largest stablecoin by market capitalization, with approximately $61 billion in circulation. Since its launch in 2018, USDC has facilitated over $25 trillion in on-chain transactions, underscoring its growing adoption in the cryptocurrency ecosystem.
Circle’s financial performance has mirrored its operational growth. In 2024, the company reported revenues of $1.7 billion, a significant increase from $15 million in 2020. This growth is primarily attributed to interest earned on reserves backing USDC, which include cash, short-dated U.S. Treasuries, and overnight U.S. Treasury repurchase agreements with leading global banks.
The successful IPO comes amid a favorable regulatory environment in the United States. The Trump administration has signaled support for the cryptocurrency industry, with legislative efforts like the GENUIS Act aiming to establish a regulatory framework for stablecoins. Such developments have bolstered investor confidence in crypto-related ventures.
Circle’s public listing is expected to pave the way for other crypto firms considering IPOs, signaling a maturation of the cryptocurrency market. The company’s strong debut reflects a broader trend of increasing mainstream acceptance and investor confidence in digital assets.
