Circle Makes History as First Stablecoin Firm to List on NYSE

Circle, the company behind USDC—the world’s second-largest stablecoin by market capitalisation—has officially gone public on the New York Stock Exchange (NYSE) under the ticker symbol CRCL.

CEO Jeremy Allaire announced the milestone on X (formerly known as Twitter) on 5 June, marking a major step forward in Circle’s evolution.

The public debut comes 12 years after Allaire and co-founder Sean Neville launched the company with an ambitious vision: to reinvent the global financial system by building it natively for the internet age.

USDC Market Cap Jumps 40% YTD

Circle’s debut on the NYSE coincides with a period of strong growth for its flagship product, USDC.

According to CoinGecko, USDC’s market capitalisation has surged over 40% since the start of the year, climbing from $43.7 billion on 1 January to more than $61 billion, briefly surpassing $62 billion in April.

This growth cements USDC as the seventh-largest cryptocurrency by market cap and the second-largest stablecoin behind Tether’s USDt, which currently holds a commanding $153.9 billion.

While Tether—headquartered in El Salvador—continues to dominate the stablecoin market, CEO Paolo Ardoino has stated the company has no immediate plans to pursue a public listing.

Meanwhile, other public companies like PayPal have entered the stablecoin space.

Its PayPal USD (PYUSD), launched in 2023, remains comparatively small, with a market cap below $1 billion.

Monumental Moment for Crypto

Circle’s recent public debut followed a significant expansion of its initial public offering (IPO), which was upsized to $1.05 billion by selling 34 million shares at $31 each—an increase from the original plan to offer 24 million shares priced between $24 and $26.

Allaire’s announcement quickly captured the attention of prominent crypto leaders, including Strategy co-founder Michael Saylor and Coinbase’s chief legal officer Paul Grewal, who were among the first to congratulate Circle on its NYSE listing.

The company’s IPO has been one of the most anticipated events in the crypto sector, and just yesterday, Circle raised its target by increasing both the share price and the number of shares offered by 8 million.

Today’s listing marks the culmination of that process and ushers Circle into its new chapter as a publicly traded company.

In his remarks, Allaire expressed gratitude and reflected on how going public could accelerate Circle’s transformative vision.

Founded on the ambitious goal of reimagining the global financial system through digital innovation, Circle has long viewed this journey as a multi-decade endeavour.

After 12 years, becoming a public company signals meaningful progress toward that vision.

While Circle is not the largest stablecoin issuer, it has demonstrated remarkable momentum recently, setting new records in trading volume and cross-chain bridging transactions.

The IPO’s success—raising over $1 billion—affirms Circle’s rapid advancement, but Allaire indicated that day-to-day operations would remain largely unchanged for now.

He made no announcements regarding leadership shifts or immediate strategic pivots, emphasizing instead the company’s commitment to a long-term mission.

Looking ahead, Circle may leverage its new capital to enhance technological infrastructure or intensify competition with market leaders like Tether.

With its public listing, Circle emerges as a potential major force poised to reshape the crypto industry’s landscape.