Shares of Circle Internet Group erupted in their market debut, skyrocketing as much as 235%—a stunning surge that raised nearly $1.1 billion through the company’s long-awaited IPO. The stock launched on the New York Stock Exchange at $69.50, having been priced at $31, and at one point soared to an intraday high of $103.75.
Circle’s IPO pricing blew past expectations. Originally set in a modest range of $24 to $26, the price was revised up to $27 to $28 earlier in the week. But the final price of $31 exceeded even that, instantly giving the company a $6.8 billion valuation before the opening bell rang.
With this listing, Circle joins an elite league of crypto-native firms on the public markets, including Coinbase, Marathon Digital (MARA), and Riot Platforms. It’s a milestone not just for the company, but for the broader crypto space, as Circle becomes one of the few “pure-play” crypto firms to successfully go public in the U.S.
This debut also marks Circle’s second attempt to go public. A previous SPAC deal unraveled in late 2022, derailed by regulatory turbulence and market volatility. But this time, Circle crossed the finish line—weathered, wiser, and with its strategy realigned.
“To truly bring our vision to life, we had to build bridges with regulators and governments,” said CEO Jeremy Allaire in an interview with Money Movers on Thursday. “Mainstream adoption demands mainstream accountability. That means embracing clear rules and transparent operations.” According to Allaire, Circle has positioned itself as one of the most licensed, compliant, and transparent companies in the industry—and that deliberate positioning is now paying off.
The timing couldn’t be better. The crypto industry is enjoying a tailwind of political support under the current U.S. administration, and stablecoins, in particular, are poised for explosive growth. Expectations are rising that Congress may pass stablecoin-specific legislation this summer, giving legal clarity and legitimacy to the sector. Wall Street analysts forecast that the stablecoin market could increase tenfold over the next five years, creating a trillion-dollar opportunity.
Founded in 2013 by Allaire, Circle was originally based in Boston with a focus on consumer crypto wallets and payment services. The company shifted to New York in early 2025, realigning its strategy around blockchain-based financial infrastructure.
In 2018, Circle launched USDC, a stablecoin pegged to the U.S. dollar, in partnership with Coinbase. The initiative was governed through a joint venture known as Centre, which was later dissolved in 2023. Circle took full responsibility for USDC’s issuance and governance, while Coinbase retained a minority stake in Circle and entered into a revenue-sharing agreement.
Coinbase CEO Brian Armstrong recently emphasized the importance of USDC in the company’s earnings call, revealing a “stretch goal” of making it the number one stablecoin in the world. Currently, USDC ranks second, trailing only Tether’s USDT.
Stablecoins themselves are cryptocurrencies designed to maintain a 1:1 peg to a reference asset, typically the U.S. dollar. Once niche tools used mostly by crypto traders to shuttle funds between exchanges, they’re now drawing serious attention from banks, fintech firms, and global payment providers. Their potential to streamline remittances, reduce B2B transaction costs, and revolutionize e-commerce payments has not gone unnoticed.
Moreover, in a shifting political landscape—where Trump-era crypto policies are resurfacing and Biden-era regulations are being reconsidered—stablecoins are being rebranded. They’re no longer just crypto tools; they’re being framed as instruments of U.S. economic strength. Policymakers have begun to embrace the narrative that dollar-backed stablecoins help preserve dollar dominance, in part by creating sustained demand for U.S. Treasuries, which back most dollar-denominated stablecoins.
With Circle’s explosive IPO, the message is loud and clear: stablecoins are going mainstream, and Circle is at the helm of this transformation.
