Circle log in to the New York Stock Exchange, with intraday fluctuation reaching the highest in nearly three years for US IPOs.

The world's second-largest stablecoin USDC issuer Circle will log in to the New York Stock Exchange on June 5, 2025, with the stock code CRCL, becoming the first publicly listed stablecoin company. The company issued 34 million shares at $31 per share, raising $1.1 billion and achieving a valuation of $6.9 billion. After the opening, the stock price surged to $102, a rise of 229%, but as of the time of publication, it has fallen back to $81, with the intraday fluctuation reaching the highest level for a U.S. stock IPO in nearly three years.

The IPO was 25 times oversubscribed, with BlackRock and ARK subscribing for 10% and $150 million, respectively. Institutional popularity stems from Circle's unique business model of managing $61 billion in USDC reserve assets and investing in short-term U.S. Treasury bonds to generate interest rate differentials. In 2024, the company's revenue will be $1.68 billion, net profit will be $156 million, and the PE ratio will reach 44 times. Regulatory breakthroughs have become a key driver, and the Uniform Standards for Stablecoins Act passed by the U.S. Senate in May explicitly requires a 1:1 asset reserve, clearing the way for compliant stablecoins.

Despite the high enthusiasm in the market, analysts point out that USDC revenue is significantly affected by the interest rate cycle. If the Federal Reserve begins to cut interest rates, Circle's interest margin will face compression pressure. This dramatic stock price fluctuation reflects the characteristics of the cryptocurrency market and tests traditional investors' understanding of the stablecoin business model. As an important piece of the digital dollar infrastructure, Circle's listing marks a new stage in the penetration of cryptocurrency into the mainstream financial system.