USDC Issuer Circle Soars 200% in Historic IPO, Cementing Crypto Dominance
Circle, the company behind the USDC stablecoin, made a stunning public market debut with its stock (CRCL) surging as much as 200% during trading. Shares opened at $69 and closed at $83.23, a 168% leap from its $31 IPO price. Trading halts punctuated the session as volatility gripped the market.
The company's market capitalization eclipsed $16 billion by day's end, cementing its position as a cryptocurrency heavyweight. USDC remains the second-largest stablecoin with $60 billion in circulation, trailing only Tether's $150 billion dominance.
First-quarter revenue jumped 58.5% year-over-year to $578.6 million, fueled by reserve income from cash holdings and Treasury investments. Adjusted EBITA reached $122.4 million, underscoring the company's financial momentum.
