Circle’s $1.1B IPO Sets New Standard for Crypto Companies

June 4, 2025, will always be remembered as a day of electric excitement on Wall Street, as Circle Internet Financial — the powerhouse behind the USDC stablecoin made its long-awaited debut on the New York Stock Exchange.

Circle’s IPO announcement. Source: Businesswire

The company’s IPO, which brought in a staggering $1.1 billion, was not just a win for Circle but a watershed moment for the entire crypto industry. With the opening bell sounding and the ticker symbol CRCL flashing on the board, it was clear: crypto had officially arrived on Wall Street.

The journey to this point wasn’t easy. Circle’s first attempt at public listing, a $9 billion SPAC deal in 2021, went nowhere in the regulatory fog of the last crypto winter. But CEO Jeremy Allaire was undeterred. 

USDC reserves composition. Source: circle.com

Over the next three years, Circle doubled down on regulation and disclosure, establishing USDC as the “regulated” stablecoin wholly backed one-for-one by cash and U.S. Treasuries. 

This strategy was rewarded generously, especially as the U.S. Congress accelerated the GENIUS Act, which is a bill to federally regulate stablecoin issuers.

The IPO itself was a spectacle. Circle priced its shares at $31, higher than its initial price target range, and so great was the demand that the offering was rumored to be 25 times oversubscribed. 

On the exchange floor, institutional investors like Blue Chip investors BlackRock (BLK) and ARK Invest descended en masse, with BlackRock purchasing a 10% stake, emboldening its partnership with Circle after months of accumulating USDC’s Treasury reserves.

The market response was rapid and positive. Circle shares opened at $31 and rapidly surged to $34 as institutional investors and traders loaded up, wagering that USDC’s leading position in the $200 billion stablecoin market would continue to strengthen. 

Stablecoin Market Cap. Source: coinglass

USDC’s $61 billion market cap was already growing steadily, and the IPO was just kerosene on a fire. A TradingView chart tracking USDC’s surge over rival Tether (USDT) showed a deafening uptrend, reflecting the confidence of the market in Circle’s compliance-based philosophy.

Not everyone, however, was sure that the path ahead would be easy. Some analysts warned that the same regulatory clarity that had prompted Circle’s IPO could also spark fierce competition from Wall Street banks, which were poised to start their own stablecoins. 

Others mentioned the volatility of crypto markets and the challenge of maintaining USDC’s peg during periods of stress.

Despite this, the atmosphere at the opening bell ceremony of Circle was celebratory. The structure’s management took selfies on the balcony, while a live stream did the same for fans across the globe. 

When the day ended, Circle’s IPO was a reminder of the progress that had been made in the industry, from the periphery of finance to the center stage of the world’s largest stock market.

For the crypto fans and the investors, Circle’s IPO record-breaker wasn’t really about the funds. It was all about credibility, momentum, and what blockchain technology can, and will, reshape the finance of tomorrow.