Circle’s $1B IPO Triumph Proves Stablecoins Aren’t Just Crypto’s Boring Cousins

Wall Street blinked—and Circle just cashed in. The stablecoin giant’s billion-dollar IPO didn’t just defy the crypto winter; it torched the narrative that pegged assets play second fiddle to Bitcoin’s volatility circus.

Behind the numbers: While speculators were busy chasing meme coin pumps, institutional money quietly stacked USDC like a digital Fort Knox. Turns out, predictability beats adrenaline when you’re moving nine-figure sums.

The kicker? This IPO didn’t just validate Circle—it exposed traditional finance’s hypocrisy. Banks still lecture about crypto risks while scrambling to replicate their own sterilized versions of stablecoins. Slow clap for innovation, gentlemen.

TLDR

• Circle priced its IPO at $31 per share, raising $1.05 billion and valuing the company at $8 billion
• The offering was oversubscribed 25x, with pricing above the expected $27-28 range
• USDC is the second-largest stablecoin with over $61 billion in circulation and 30% market share
• Billionaire Chamath Palihapitiya called acquiring Circle at $12-13 billion a “steal deal” for companies like Ripple or Coinbase
• Circle’s revenue grew 118% from 2022 to 2024, with USDC supply rising from $3 billion in 2020 to over $60 billion in 2025

Circle, the company behind the USDC stablecoin, completed its initial public offering on June 5, 2025, pricing shares at $31 each. The stablecoin issuer raised $1.05 billion by selling 34 million shares on the New York Stock Exchange.

The IPO was priced above Circle’s expected range of $27 to $28 per share. Strong investor demand pushed both the price and share count higher than originally planned.

🚨CIRCLE GOING PUBLIC🚨

One of the largest revenue grossing companies in ALL of crypto…

Circle has OFFICIALLY filed their IPO with the NYSE.

The ticker will be $CRCL
With opening shares being between $24-$26 on initial trading go live. pic.twitter.com/C1f6Ln7TsT

— Easy (@EasyEatsBodega) May 27, 2025

Circle initially aimed to raise $624 million by selling 24 million shares. The company later revised this to 32 million shares before settling on 34 million due to growing interest.

The offering was oversubscribed 25 times, indicating strong investor appetite. BlackRock expressed interest in purchasing roughly 10% of the shares, either directly or through an affiliate.

Founded in 2013, Circle operates USDC, the second-largest stablecoin by market capitalization. USDC has over $61 billion in circulation and holds a 30% share of the stablecoin market.

This marks Circle’s third attempt to go public. The company previously tried through a SPAC deal in 2021 and paused another attempt earlier this year due to market uncertainty.

Strong Financial Performance

Circle’s financial metrics show steady growth over recent years. The company achieved 118% revenue growth from 2022 to 2024, driven by increased USDC adoption in decentralized finance and payment systems.

USDC’s circulating supply has grown from under $3 billion in 2020 to more than $60 billion in 2025. Monthly transaction volumes increased from less than $50 billion in 2020 to over $2.3 trillion as of May 2025.

Ethereum remains the dominant blockchain for USDC, hosting over 70% of the supply across its main network and Layer 2 ecosystem. While Solana led USDC transactions in 2024, focus has shifted to ethereum and Coinbase’s Base Layer 2 solution in 2025.

Investment Community Response

Billionaire investor Chamath Palihapitiya commented that acquiring Circle at $12-13 billion would be a “steal deal” for companies like Ripple or Coinbase. He praised Circle for building solid infrastructure ahead of potential US stablecoin regulations.

It WOULD be genius for Ripple or Coinbase to buy Circle.**

It looks like Circle’s IPO is 25x oversubscribed, valuing the company at around $7b. If someone can buy it for even $12-13b, that’s a steal, imo, for what this business could be worth in 20 years.

Circle has built the…

— Chamath Palihapitiya (@chamath) June 5, 2025

Palihapitiya expects fierce competition in the USD stablecoin market from major players including Stripe, Square, Ripple, and Coinbase. He believes the company with the most efficient infrastructure will dominate the market.

Ripple CEO Brad Garlinghouse denied rumors that his company made a bid to acquire Circle. The clarification put to rest earlier speculation about a potential acquisition.

Scott Melker, host of the Wolf of All Streets podcast, said Circle’s success depends on regulatory developments affecting Tether in the United States. Tether has already exited Europe due to MiCA compliance issues.

Circle granted underwriters a 30-day option to purchase an additional 5.1 million shares. The company plans to use IPO proceeds for acquisitions, international expansion, and product development rather than paying dividends.