CRLC Skyrockets 800% in 12 Days—Will USDC Finally Overtake USDT in the Stablecoin Race?

The crypto markets are buzzing as CRLC defies gravity with an 8X surge in less than two weeks. But all eyes are now on the stablecoin showdown: Can USDC close the gap on Tether's dominance?

Stablecoin wars heat up

While CRLC's parabolic move steals headlines, the real drama unfolds in the stablecoin arena. USDT continues to command the lion's share of the market—but USDC's institutional backing and regulatory compliance could be its Trojan horse.

Wall Street's favorite versus crypto's incumbent

The battle reflects crypto's growing pains: decentralized ideals versus institutional adoption. USDC's growth suggests TradFi might finally be getting comfortable with crypto—or just found a way to slap KYC on everything.

One thing's certain: in a market where 800% pumps happen before breakfast, the stablecoin race might be the only sane bet left.

Circle’s CRCL stock rises

In just twelve trading days since its IPO, Circle’s stock (CRCL) has soared from its opening price of $31 to over $254—a remarkable 8-fold increase in valuation.

On its debut, the stock surged by 168%, setting a new record for the largest one-day gain among IPOs raising over $1 billion.

At press time, shares traded at $263.45, up 9.64% from the previous session, according to Google Finance.

Now valued at around $62 billion, Circle’s market capitalization has surpassed that of its stablecoin, USDC.

This signals its growing influence on Wall Street, even as USDT remains the market leader in trading volume.

What’s behind this surge?

Circle’s blockbuster market debut didn’t come as a surprise. 

High investor demand led the company to raise its IPO price beyond the initially proposed $26–$28 range, ultimately launching at $31 per share, according to Bloomberg.

This surge of interest not only powered the stock’s early momentum, but also reignited discussions about IPO pricing strategies and whether they accurately capture a company’s true market value.

Fueling the rally further, Circle’s shares jumped again after the U.S. Senate approved the GENIUS Act—a bill introducing federal oversight for fully-backed stablecoins.

This legislative support gave investors added confidence in Circle’s long-term growth and stability.

Community reacts…

Remarking on this success, a popular crypto investor and commentator, Leo Lanza, took to X (formerly Twitter) and noted, 

Source: LEO Lanza/X

Echoing similar sentiments, Andy, one of the co-hosts of the crypto YouTube show The Rollup, said, 

“@circle is on an absolute tear. Its market cap now has outpaced the total supply of USDC, which is crazy. Wall Street is really jumping to get exposure to these assets.”

Bitwise CEO Hunter Horsley also didn’t miss the opportunity to appreciate this success, as he noted,

“Circle IPO is changing the conversation with mainstream investors. 2025 is the start of the mainstream era.”

Will USDC flip USDT?

While Circle’s USDC is making bold strides in both valuation and regulatory positioning, Tether’s USDT still firmly holds the top spot in the stablecoin hierarchy.

Tether’s USDT remains the dominant player in the stablecoin arena, holding a commanding 62% market share with a market cap approaching $156 billion, according to data from DeFiLlama.

Additionally, in June, figures from Visa’s on-chain analytics showed that USDT facilitated $431.05 billion in transactions, more than twice the $193.36 billion handled by Circle’s USDC.

What lies ahead for USDT?

However, despite USDT’s massive supply, questions loom over its long-term sustainability.

This is because USDC is increasingly being recognized for its utility and transparency, traits that are positioning it as a serious contender to USDT’s dominance.

Therefore, if USDC continues on this trajectory, it may soon redefine market leadership, turning the long-standing USDT supremacy into a contested battleground.