The stablecoin issuer Circle saw its stock surge 247% from the offering price after being listed on the New York Stock Exchange.
USDC is the world’s second-largest stablecoin by market capitalization, and its trading volume has recently increased globally, influenced by the impending passage of stablecoin legislation in the U.S. Congress.
On the 6th (local time), Circle's stock closed at $107.70, up 29.4% from the previous trading day on the New York Stock Exchange. Following a 168.48% jump the day before its listing, it has risen for two consecutive days. It is about 247% higher compared to the offering price of $31.
Before trading even commenced, Circle was regarded as a 'prospective stock.' This was due to the overall subscription demand exceeding supply by more than 25 times. In this IPO, Circle’s valuation is approximately $6.9 billion (9.3674 trillion won).
Factors such as the growing global interest in stablecoins and the pending passage of the stablecoin bill, the 'GENIUS Act,' in the U.S. Congress seem to have contributed to Circle's successful IPO.
According to the virtual asset data platform DeFiLlama, as of the 8th, the total market capitalization of stablecoins worldwide is approximately $250 billion (340.375 trillion won), an increase of over 50 trillion won compared to early January when it was around $205 billion (290 trillion won). This marks a rise of over 120 trillion won from early June last year when it was around $161 billion (about 219 trillion won). Circle's market capitalization stands at about $60 billion, holding approximately 24% of the entire stablecoin market.
Additionally, the Trump administration has taken a favorable stance toward stablecoins. President Donald Trump formally expressed his intent to support stablecoins while opposing Central Bank Digital Currency (CBDC) even before he took office.
Backed by President Trump's support, the stablecoin regulatory bill, the 'GENIUS Act,' introduced in the U.S. Senate last February is expected to pass this month. If the bill is enacted, bank affiliates and non-bank corporations will be able to issue stablecoins provided they meet certain requirements.