On June 5, 2025, Circle officially listed its shares on the New York Stock Exchange, becoming the first stablecoin issuer to go public.
Event Overview
Circle Internet Group (ticker CRCL), the issuer of the second-largest stablecoin USDC, conducted an initial public offering (IPO) priced at $31 per share. The total amount raised reached $1.1 billion, valuing the company at $6.9 billion. The underwriting was led by JPMorgan Chase, Citigroup, and Goldman Sachs, with institutional demand exceeding the issuance volume by 25 times.
Market Reaction and Institutional Investments
Initially, 24 million shares were planned for issuance, but due to high demand, the number was expanded to 34 million. BlackRock purchased 10% of the shares for $340 million and integrated into the USDC ecosystem, while ARK Invest bet $150 million on regulatory arbitrage opportunities. Coinbase, as a co-issuer of USDC, sold 19.2 million shares for $595 million, reflecting caution regarding regulatory risks.
Industry Impact
USDC has become a core component in real-world asset tokenization, supporting government bond tokenization projects and participating in international settlements. Tight regulatory measures are intensifying market competition where compliance advantages are a key differentiator.
Circle's IPO marks a pivotal transition for stablecoins from 'gray-area tools' to 'financial infrastructure.' With changes in regulations and institutional investments, industry competition is shifting from technological innovation to compliance capabilities.
