Stablecoin Summer Ignites: Circle’s Market Cap Blows Past USDC Supply

Move over, Tether—Circle's playing a different game now. The stablecoin wars just got hotter as USDC's parent company flips the script.

Market cap vs. supply: Who's winning?

Circle's valuation now eclipses the circulating supply of its own stablecoin. That's either a vote of confidence in their ecosystem...or a warning sign that crypto valuations have officially divorced from reality (again).

The numbers don't lie—but in DeFi, they do sometimes bend the truth. One thing's clear: when stablecoin issuers start acting like growth stocks, buckle up.

Bonus jab: TradFi bankers watching this unfold just spilled their $8 oat milk lattes.

Circle Flips USDC Supply as IPO Momentum Fuels 800% Rally

On Monday, the fintech firm’s market capitalization hit $63.89 billion, surpassing the total circulating supply of USDC, around $61.68 billion.

During Monday’s trading session, Circle’s stock briefly approached the $300 mark before closing at $263.45.

This milestone arrives just three weeks after Circle’s high-profile IPO, making it the first stablecoin issuer to debut on the NYSE (New York Stock Exchange). The stock has increased by over 800% in 18 trading days since its launch on the NYSE.

The meteoric rise reflects deepening investor confidence in Circle’s broader fintech potential beyond stablecoin issuance. Circle’s IPO, as BeInCrypto reported, generated substantial institutional interest, recalibrating market expectations, including around Circle’s long-term business model.

Traders increasingly view Circle as a full-stack digital finance operator, beyond a mint-and-burn shop for USDC. Its CRCL stock flipping the circulating value of its USDC stablecoin reflects this shift.

Circle is now ~$74B enterprise value.

Circle is now more valuable than Robinhood ($68B), Nubank ($59B), Block ($38B), and just $4B shy of Coinbase ($78B).

Circle now trades at:
– 32x revenue
– 80x gross profit
– 152x EBITDA
– 285x earnings

In comparison, USDC is $60B of… https://t.co/cBpCIDJvto pic.twitter.com/gGw3khkh7b

It also points to a larger momentum behind what many call “Stablecoin Summer”, a phrase embraced by major players like TRON DAO and Kraken Exchange.

STABLECOIN SUMMER https://t.co/4Qp7d8yi8q

The firm appears to be gaining attention as stablecoins increasingly power real-world assets (RWAs), DeFi yield farming, and cross-border payments. Circle recently launched USDC stablecoin on the XRP Ledger.

Circle’s USDC Supply Surges 40% in 2025

According to data on DefiLlama, Circle’s USDC supply has surged from $43.672 billion in January to $61.323 billion as of this writing. The 40% surge in 2025 suggests a growing allure for fiat-backed tokens.

However, not all the attention has been rosy. BeInCrypto recently reported that Circle employees may have missed out on as much as $3 billion in unrealized profits following the IPO due to strict equity structuring.

That revelation sparked frustration internally and skepticism externally, especially given the firm’s valuation trajectory.

Circle’s biggest VC holders received $290M on shares sold into IPO that are currently worth $2.4B pic.twitter.com/Ofd8LEWOGU

Meanwhile, BitMEX co-founder Arthur Hayes recently argued that Circle’s DEEP integration with Coinbase could become a strategic limitation. He alluded to Circle’s reliance on Coinbase, limiting USDC’s market reach, suggesting that the company’s future may hinge on greater independence and diversification.

“If you stop reading here, the only question you must ask yourself when evaluating an investment in a stablecoin issuer is this: how will they distribute their product?” Hayes wrote in a recent blog.

For now, however, the market appears to be buying the Circle vision wholesale. The firm’s dual momentum in traditional finance (TradFi) and Web3 translates into capital inflows and cultural clout.

Surpassing its stablecoin in market cap goes beyond a financial milestone, reflecting a psychological paradigm shift. It points to investors seeing Circle as central to the next phase of digital money infrastructure, not merely a product of it.