Circle’s Market Cap Surges Past USDC Valuation Amid Regulatory Optimism

Circle’s public market debut has defied expectations, with its market capitalization now exceeding the circulating supply value of its flagship stablecoin, USDC. Shares have surged over 700% since its IPO 12 trading days ago, pushing the company’s valuation to approximately $62 billion—$2 billion above USDC’s $60 billion footprint.

The rally follows a record-breaking first-day pop of 160% after pricing at $31 per share. Investor enthusiasm reflects growing confidence in stablecoin regulation, particularly after the U.S. Senate advanced the GENIUS Act. Political tailwinds suggest likely passage, with former President Donald TRUMP signaling support.

Analysts speculate Circle’s performance could set a precedent for crypto-native firms like Ripple, which holds substantial digital asset reserves. While USDC remains Core to Circle’s business, its equity now commands a premium—a divergence highlighting public markets’ appetite for blockchain infrastructure plays.