On June 5, 2025, stablecoin issuer Circle Internet Group, Inc. (hereinafter referred to as Circle) officially completed its initial public offering (IPO) at a price of $31 per share, exceeding the previously expected pricing range of $24-26, raising a total of $1.1 billion, with a valuation reaching $6.9 billion, and a fully diluted valuation as high as $8.1 billion. This IPO has sparked a wave in the global capital markets, with subscription orders oversubscribed by 25 times. The stock will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL" on June 5.
Issuance Scale Adjusted Twice, Demand Drives Valuation Surge
The popularity of Circle's IPO exceeded expectations. According to the latest news, Circle initially planned to issue 24 million shares, with a pricing range of $24-26 per share, targeting a valuation of approximately $5.6-6 billion. However, due to a surge in investor demand, the company raised the issuance scale to 32 million shares on June 2, adjusting the pricing range to $27-28, with a maximum fundraising amount expected to be $896 million. Ultimately, Circle further expanded the issuance scale to 34 million shares on the evening of June 4, setting the price at $31 per share, successfully raising $1.1 billion and locking in a valuation of $6.9 billion.
This IPO involved the sale of shares by the company and existing shareholders, with existing shareholders accounting for 60% of the total issuance, a ratio that is relatively rare in tech company IPOs, reflecting early investors' confidence in Circle's future growth and their desire to cash out. Notably, global asset management giant BlackRock plans to subscribe for 10% of the IPO shares, further endorsing Circle's listing, while ARK Invest has also expressed an intention to subscribe for up to $150 million.
USDC: The Second Largest Stablecoin Globally
Circle's core product, USDC, is the second largest dollar-pegged stablecoin globally, with a market share of approximately 24.5% and a circulating market value of $61.5 billion, second only to Tether's USDT. It serves as an important liquidity pillar for crypto trading pairs and decentralized finance (DeFi) applications. Circle ensures the redeemability of USDC by holding highly liquid assets such as cash and short-term U.S. Treasury bonds, with its reserves supported by a $53.3 billion fund managed by BlackRock.
In 2024, Circle achieved revenue of $1.68 billion and a net profit of $156 million. Although this represents a decline from the previous year's net profit of $268 million, its stable cash flow and the widespread use of USDC provide solid support for its IPO. The company has also launched the euro-pegged stablecoin EURC, further expanding its footprint in the global stablecoin market.
Regulatory Tailwinds, New Opportunities in the Stablecoin Sector
In August 2025, the U.S. Congress is expected to pass the "2025 U.S. Stablecoin Innovation and Establishment Act" (GENIUS Act), which is the first comprehensive legislation in the U.S. targeting stablecoins, requiring that stablecoins be fully backed by cash and safe assets. Circle's business model naturally aligns with this regulatory direction, and its emphasis on transparency and compliance gives it a competitive edge.
Wall Street Endorsement, IPO as an Industry Touchstone
Circle's IPO is underwritten by top Wall Street institutions such as J.P. Morgan, Citigroup, and Goldman Sachs, highlighting traditional finance's recognition of the stablecoin sector. This IPO is not only the result of Circle's third attempt to go public since 2021 but also marks another iconic event in the crypto industry following Coinbase's listing in 2021. Market analysts point out that Circle's listing performance will serve as an important barometer for the stablecoin economy and investment enthusiasm in the crypto market.
Arthur Hayes, co-founder of BitMEX, publicly stated that the oversubscription of Circle's IPO is a positive signal for the entire crypto industry, reflecting traditional finance's recognition of the potential of blockchain technology.
Industry insiders have commented that Circle's valuation appears "cheap" relative to its market position and growth potential. An anonymous crypto analyst indicated that, based on a price-to-earnings ratio of 46, Circle's IPO pricing is attractive, and the stock price may rise further after listing. However, the market must also be wary of potential risks, including the impact of interest rate fluctuations on Circle's revenue (99% of revenue comes from USDC reserve interest) and uncertainties regarding future regulatory policies.
Circle's Next Step: Payment Network and Global Expansion
Circle's IPO not only provides ample capital but also marks an important step toward maturity for the stablecoin industry. The company recently launched the Circle Payments Network, aimed at achieving instant cross-border payments through USDC, further expanding its business boundaries. However, with industry giants like Ripple and Coinbase intensifying competition, as well as the potential rise of central bank digital currencies (CBDCs), Circle needs to continue innovating while maintaining transparency and compliance to solidify its market position.
The success of this IPO demonstrates the market's confidence in stablecoins as a foundational infrastructure for blockchain finance. Circle's listing not only offers investors an opportunity to participate in the growth of the stablecoin market but also sets a new benchmark for the crypto industry. As anticipated by the market, the next moves of this stablecoin giant may profoundly impact the future landscape of global digital currencies.
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