Circle Debuts on NYSE, Triggers Massive Stock Surge and Crypto Slump

Circle Internet Financial, the company behind the USDC stablecoin, made waves on the New York Stock Exchange Thursday as shares skyrocketed nearly 200% above their initial public offering price of $31.

One of the largest regulated stablecoin companies in the world on the world’s largest exchange. @circle lists on NYSE $CRCL pic.twitter.com/1B26Fg02Wq

— NYSE 🏛 (@NYSE) June 5, 2025

The dramatic market debut has sent ripples through both traditional and digital asset markets, drawing comparisons to another high-profile crypto IPO from 2021.

Trading under the ticker CRCL, Circle’s shares climbed to over $90 during the London-New York sessions, triggering multiple trading halts due to extreme volatility.

The company successfully raised $1.05 billion by selling 34 million shares, marking a significant upsizing from the original 24 million share offering initially priced between $24 and $26.

The Path to Public Markets for Circle

The public listing represents the culmination of a multi-year effort by CEO Jeremy Allaire and co-founder Sean Neville to bring their vision of internet-native financial infrastructure to mainstream investors.

I am incredibly proud and thrilled to share that @circle is now a public company listed on the New York Stock Exchange under $CRCL!

12 years ago we set out to build a company that could help remake the global economic system by re-imagining and re-building it from the ground up… pic.twitter.com/okcH0ys6Tc

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) June 5, 2025

Circle operates as the issuer of USDC, currently the second-largest stablecoin with a market capitalization exceeding $61.3 billion, trailing only Tether’s USDT at $153.8 billion.

The company’s USDC token has experienced remarkable growth, with market cap increasing more than 40% year-to-date from $43.7 billion in January. This expansion coincides with broader institutional adoption of stablecoins for cross-border payments and treasury management purposes.

Market Dynamics and Historical Parallels

Despite Circle’s triumphant stock performance, cryptocurrency markets displayed concerning weakness. Bitcoin dropped over 2% to approximately $102,800, while the broader crypto market experienced declines exceeding 3%. Major tokens, including Solana, Avalanche, and Aave, fell roughly 5%.

This divergence between Circle’s equity success and crypto price action mirrors patterns observed during Coinbase’s April 2021 IPO.

That debut coincided with Bitcoin’s then-peak around $65,000, followed by a brutal bear market that saw prices plummet nearly 60% within two months. The subsequent downturn lasted through 2022, with Bitcoin not reclaiming new highs until March 2024.

Competitive Landscape Analysis

Circle’s NYSE listing positions the company advantageously within the stablecoin ecosystem. Unlike Tether, which operates from El Salvador and has avoided public market scrutiny, Circle’s U.S. domicile provides regulatory clarity that institutional investors increasingly demand.

PayPal’s PYUSD, another regulated stablecoin, maintains a significantly smaller market presence with under $1 billion in circulation.

The successful IPO validates the business model of regulated stablecoin issuers while potentially setting a precedent for other crypto-native companies seeking traditional capital markets access.