Circle Breaks Tradition: Stablecoin Giant Goes Public on NYSE
Wall Street gets its first taste of crypto's quiet powerhouse as Circle—the force behind USDC—debuts on the Big Board. No champagne flutes or 'to-the-moon' memes here—just a $9 billion nod to dollar-pegged pragmatism.
Mainstream finance finally swallows the orange pill
The listing makes Circle the first major stablecoin issuer to brave public markets, a move that legitimizes crypto's plumbing while boring traditionalists to tears. Because nothing says 'financial revolution' like SEC filings and earnings calls.
Bonus jab: Goldman analysts reportedly spent 3 hours explaining stablecoins to a managing director who still thinks blockchain is a type of ski lift.
Strong institutional interest
Investor enthusiasm was evident ahead of the debut, with the firm’s initial public offering raising more than $1 billion, which is significantly higher than the previously projected $896 million.
Meanwhile, early trading data from Yahoo Finance listed the stock’s opening price at $31. Based on early indicators, VanEck’s Matthew Sigel projected the shares could trade between $42 and $44.
Market analysts highlighted that Circle’s IPO offering was significantly oversubscribed, signaling strong institutional interest.
Kevin Callahan, co-founder of Uniblock, noted that Circle’s stock issuance was 25x oversubscribed. According to him, this level of demand sends a clear message to other crypto firms that Wall Street is ready for more digital asset IPOs.
He added:
“The demand for this offering is extremely bullish for the industry and signals a new phase for crypto companies.”
Additionally, observers noted that Circle’s regulatory-first approach may give it an advantage as stablecoins draw more attention from traditional finance.
Circle is one of the few licensed crypto firms across various jurisdictions, including New York, Singapore, and Europe. It has made compliance a CORE aspect of its product.
Coinbase CEO Brian Armstrong said:
“Building legitimate, regulated crypto products is tough. Doing so in 2013/14, when Circle was founded, was nearly impossible. Let’s all celebrate this milestone with them as a major win for the industry.”
